<SEC-DOCUMENT>0001104659-22-085546.txt : 20220803
<SEC-HEADER>0001104659-22-085546.hdr.sgml : 20220803
<ACCEPTANCE-DATETIME>20220803140913
ACCESSION NUMBER:		0001104659-22-085546
CONFORMED SUBMISSION TYPE:	424B5
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20220803
DATE AS OF CHANGE:		20220803

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MIDDLESEX WATER CO
		CENTRAL INDEX KEY:			0000066004
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER SUPPLY [4941]
		IRS NUMBER:				221114430
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-266482
		FILM NUMBER:		221132064

	BUSINESS ADDRESS:	
		STREET 1:		485C ROUTE 1 SOUTH
		STREET 2:		SUITE 400
		CITY:			ISELIN
		STATE:			NJ
		ZIP:			08830
		BUSINESS PHONE:		7326341500

	MAIL ADDRESS:	
		STREET 1:		485C ROUTE 1 SOUTH
		STREET 2:		SUITE 400
		CITY:			ISELIN
		STATE:			NJ
		ZIP:			08830
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B5
<SEQUENCE>1
<FILENAME>tm2222254d2_424b5.htm
<DESCRIPTION>424B5
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Filed Pursuant to Rule&nbsp;424(b)(5)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Registration Statement No.&nbsp;333-266482</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>PROSPECTUS SUPPLEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(To Prospectus Dated August&nbsp;3, 2022)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>211,201 Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><IMG SRC="tm2222254d2_424b2img01.jpg" ALT="" STYLE="height: 88px; width: 194px"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Middlesex
Water Company</B></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Investment
Plan</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>A Direct Share Purchase and Sale and Dividend
Reinvestment Plan for<BR>
Middlesex Water Company Common Stock, no Par Value</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Middlesex Water Company (&ldquo;Middlesex&rdquo;
or the &ldquo;Company&rdquo;) is offering 211,201 shares of its common stock, no par value (&ldquo;Middlesex Common Stock&rdquo;) under
the Middlesex Water Company Investment Plan (the &ldquo;Plan&rdquo;), a direct share purchase, sale and dividend reinvestment plan that
is designed to provide investors with a convenient method to purchase shares of Middlesex Common Stock and to reinvest cash dividends
in the purchase of additional shares. First time investors and existing registered shareholders who hold freely tradable shares of Middlesex
Common Stock can submit requests to buy shares of Middlesex Common Stock without opening up a brokerage account. Although the Plan contemplates
the continued payment of quarterly dividends, the Company can make no assurances in that regard.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Middlesex Common Stock is
listed on the NASDAQ Global Select Market under the symbol &ldquo;MSEX.&rdquo; On August&nbsp;2, 2022, the closing price of Middlesex
Common Stock on the NASDAQ Global Select Market was $90.68 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Investing in Middlesex Common
Stock involves risks. Before making a decision to invest in Middlesex Common Stock, you should carefully consider the risks described
in Part&nbsp;I,&nbsp;Item 1A of the Company&rsquo;s most recent Annual Report on Form&nbsp;10-K (&ldquo;Form&nbsp;10-K&rdquo;) under
the heading &ldquo;Risk Factors,&rdquo; Part&nbsp;II,&nbsp;Item 1A of the Company&rsquo;s most recent Quarterly Report on Form&nbsp;10-Q
(&ldquo;Form&nbsp;10-Q&rdquo;) under the heading &ldquo;Risk Factors,&rdquo; and under the headings &ldquo;Risk Factors&rdquo; of this
prospectus supplement and the accompanying prospectus. The Form&nbsp;10-K and Form&nbsp;10-Q are incorporated by reference in this prospectus
supplement and the accompanying prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Neither the Securities
and Exchange Commission (&ldquo;SEC&rdquo;) nor any other regulatory body has approved or disapproved of these securities or passed upon
the adequacy or accuracy of this prospectus supplement or the related prospectus. Any representation to the contrary is a criminal offense.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>No person has been authorized
to give any information or to make any representations other than those contained in this prospectus supplement. If any other information
or representations are given or made, you must not rely on them as having been authorized.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">This Prospectus Supplement is dated August&nbsp;3,
2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Prospectus Supplement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><U>Page</U></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 92%; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#a_01">ABOUT
    THIS PROSPECTUS SUPPLEMENT</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 20pt; width: 8%; text-align: right"><A HREF="#a_01">S-i</A></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_02">SUMMARY </A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 20pt; text-align: right"><A HREF="#a_02">S-1</A></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#a_03">RISK
    FACTORS</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 20pt; text-align: right"><A HREF="#a_03">S-2</A></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#a_04">MIDDLESEX
    WATER COMPANY</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 20pt; text-align: right"><A HREF="#a_04">S-4</A></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#a_05">CAUTIONARY
    STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 20pt; text-align: right"><A HREF="#a_05">S-6</A></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 20pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#a_07">INCORPORATION
    OF CERTAIN DOCUMENTS BY REFERENCE</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 20pt; text-align: right"><A HREF="#a_07">S-8</A></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#a_08">THE
    MIDDLESEX WATER COMPANY INVESTMENT PLAN</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 20pt; text-align: right"><A HREF="#a_08">S-9</A></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in"><A HREF="#a_09">PURPOSE</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 20pt; text-align: right"><A HREF="#a_09">S-9</A></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25in"><A HREF="#a_11">PLAN ADVANTAGES</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 20pt; text-align: right"><A HREF="#a_11">S-9</A></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in"><A HREF="#a_12">ADMINISTRATION</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 20pt; text-align: right"><A HREF="#a_12">S-10</A></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25in"><A HREF="#a_13">ELIGIBILITY AND ENROLLMENT</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 20pt; text-align: right"><A HREF="#a_13">S-11</A></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25in"><A HREF="#a_15">OPTIONAL CASH INVESTMENTS</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 20pt; text-align: right"><A HREF="#a_15">S-13</A></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25in"><A HREF="#a_16">PURCHASE OF COMMON STOCK</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 20pt; text-align: right"><A HREF="#a_16">S-16</A></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25in"><A HREF="#a_17">DIVIDEND REINVESTMENT</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 20pt; text-align: right"><A HREF="#a_17">S-17</A></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in"><A HREF="#a_18">GIFTS AND TRANSFERS OF SHARES</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 20pt; text-align: right"><A HREF="#a_18">S-19</A></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in"><A HREF="#a_19">SALE OF SHARES</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 20pt; text-align: right"><A HREF="#a_19">S-19</A></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25in"><A HREF="#a_20">CUSTODIAL SERVICE</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 20pt; text-align: right"><A HREF="#a_20">S-20</A></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25in"><A HREF="#a_21">ISSUANCE OF STOCK CERTIFICATES</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 20pt; text-align: right"><A HREF="#a_21">S-21</A></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25in"><A HREF="#a_22">SERVICE FEES</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 20pt; text-align: right"><A HREF="#a_22">S-21</A></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25in"><A HREF="#sp2a_001">WITHDRAWAL FROM
    THE PLAN</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 20pt; text-align: right"><A HREF="#sp2a_001">S-22</A></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25in"><A HREF="#sp2a_002">ADDITIONAL INFORMATION</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 20pt; text-align: right"><A HREF="#sp2a_002">S-24</A></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#sp2a_003">LIMITATION OF
    LIABILITY</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 20pt; text-align: right"><A HREF="#sp2a_003">S-25</A></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#sp2a_004">CERTAIN
    U.S. FEDERAL INCOME TAX CONSEQUENCES</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 20pt; text-align: right"><A HREF="#sp2a_004">S-26</A></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#sp2a_005">USE OF PROCEEDS</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 20pt; text-align: right"><A HREF="#sp2a_005">S-29</A></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#sp2a_006">PLAN OF DISTRIBUTION</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 20pt; text-align: right"><A HREF="#sp2a_006">S-29</A></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#sp2a_007">LEGAL
    MATTERS</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 20pt; text-align: right"><A HREF="#sp2a_007">S-30</A></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#sp2a_008">EXPERTS </A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 20pt; text-align: right"><A HREF="#sp2a_008">S-30</A></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#sp2a_009">INDEMNIFICATION </A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 20pt; text-align: right"><A HREF="#sp2a_009">S-30</A></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 20pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">Prospectus</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 20pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#sp2a_010">ABOUT
    THIS PROSPECTUS</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 20pt; text-align: right"><A HREF="#sp2a_010">1</A></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#sp2a_011">COMPANY
    OVERVIEW</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 20pt; text-align: right"><A HREF="#sp2a_011">2</A></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#sp2a_012">RISK
    FACTORS</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 20pt; text-align: right"><A HREF="#sp2a_012">4</A></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#sp2a_013">CAUTIONARY
    STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 20pt; text-align: right"><A HREF="#sp2a_013">5</A></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#sp2a_014">USE OF PROCEEDS</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 20pt; text-align: right"><A HREF="#sp2a_014">7</A></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#sp2a_015">DESCRIPTION
    OF OUR CAPITAL STOCK</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 20pt; text-align: right"><A HREF="#sp2a_015">8</A></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#sp2a_016">PLAN OF DISTRIBUTION</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 20pt; text-align: right"><A HREF="#sp2a_016">11</A></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#sp2a_017">LEGAL
    MATTERS</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 20pt; text-align: right"><A HREF="#sp2a_017">14</A></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#sp2a_018">EXPERTS </A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 20pt; text-align: right"><A HREF="#sp2a_018">15</A></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#sp2a_019">WHERE
    YOU CAN FIND ADDITIONAL INFORMATION</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 20pt; text-align: right"><A HREF="#sp2a_019">16</A></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#sp2a_020">INCORPORATION
    OF CERTAIN INFORMATION BY REFERENCE</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 20pt; text-align: right"><A HREF="#sp2a_020">17</A></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_01"></A><B>ABOUT THIS PROSPECTUS SUPPLEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless otherwise mentioned
or unless the context requires otherwise, all references in this prospectus supplement to &ldquo;Middlesex,&rdquo; &ldquo;Company,&rdquo;
 &ldquo;we,&rdquo; &ldquo;us,&rdquo; &ldquo;our&rdquo; or similar references mean Middlesex Water Company, and its subsidiaries. In this
prospectus supplement references to &ldquo;$&rdquo; or &ldquo;dollars&rdquo; are to the lawful currency of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This document is in two parts.
The first part is this prospectus supplement, which describes the terms of this offering of Middlesex Common Stock and also adds to and
updates information contained in the accompanying prospectus and the documents incorporated by reference into this prospectus supplement
and the accompanying prospectus. The second part, the accompanying prospectus dated August&nbsp;3, 2022, including the documents incorporated
by reference therein, provides more general information. Generally, when we refer to this prospectus, we are referring to both parts
of this document combined. To the extent there is a conflict between the information contained in this prospectus supplement, on the
one hand, and the information contained in the accompanying prospectus or in any document incorporated by reference that was filed with
the SEC before the date of this prospectus supplement, on the other hand, you should rely on the information in this prospectus supplement.
If any statement in one of these documents is inconsistent with a statement in another document having a later date (for example, a document
incorporated by reference in this prospectus supplement or in the accompanying prospectus) the statement in the document having the later
date modifies or supersedes the earlier statement. This prospectus supplement and the accompanying prospectus are part of a registration
statement on Form&nbsp;S-3 we have filed with the SEC, under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;).
This prospectus supplement and the accompanying prospectus do not contain all of the information in the registration statement. We have
omitted certain parts of the registration statement, as permitted by the rules&nbsp;and regulations of the SEC. You may find the registration
statement, including exhibits, on the SEC&rsquo;s website at www.sec.gov. See &ldquo;Where You Can Find More Information&rdquo; and &ldquo;Incorporation
of Certain Documents by Reference&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Neither the delivery of this
prospectus supplement nor any sale made hereunder should be deemed to imply that there has been no change in the affairs of the Middlesex
Water Company since the date of this prospectus supplement or that the information herein is correct as of any time subsequent to its
date. This prospectus supplement relates only to the Middlesex Common Stock offered hereby and is not to be relied upon in connection
with the purchase or sale of any other securities in the Middlesex Water Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Prospectus does not
constitute an offer to sell or a solicitation of an offer to buy shares of Middlesex Common Stock in any state or other jurisdiction
to any person to whom it is unlawful to make such an offer or solicitation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_02"></A><B>SUMMARY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following summary description
of the Middlesex Water Company Investment Plan (the &ldquo;Plan&rdquo;) is qualified by reference to the full text of the Plan which
appears in this prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">If you do not currently own any shares
                                            of Middlesex Common Stock at all, you may join the Plan by completing a Direct Share Purchase
                                            and Enrollment Form&nbsp;and either making an initial investment of at least $500.00, up
                                            to a maximum of $10,000.00, or authorizing monthly deductions of at least $25.00 from a qualified
                                            bank account for the purchase of Middlesex Common Stock.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">If you currently own at least one
                                            share of Middlesex Common Stock registered in your name, you may participate in the Plan
                                            by simply completing and returning a Direct Share Purchase and Enrollment form.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">Once you have enrolled, you may purchase
                                            additional shares of Middlesex Common Stock through additional optional cash payments of
                                            $25.00 or more (maximum $25,000.00 per calendar quarter).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">Purchase in dollar amounts, rather
                                            than a certain number of shares of Middlesex Common Stock, so you can own fractional shares.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">Choose to buy additional Middlesex
                                            Common Stock with automatic monthly deductions from your bank account or by check. Eligible
                                            employees of the Company (and its subsidiary companies) have the additional option of utilizing
                                            automatic payroll deductions to purchase shares of Middlesex Common Stock.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">As a participant, you may (but are
                                            not required to) deposit your Middlesex Common Stock certificates with the Plan Agent for
                                            safekeeping.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">Benefit from opportunities when the
                                            Company may make shares of Middlesex Common Stock available to Plan participants at a discount
                                            from prevailing market prices.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_03"></A><B>RISK FACTORS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Participating in the Plan
and investing in shares of Middlesex Common Stock involves risks. Before purchasing any shares of Middlesex Common Stock, you should
carefully consider the specific factors discussed below, together with all the other information contained in this prospectus supplement,
the accompanying prospectus, any free writing prospectus prepared by us or on our behalf we may provide to you in connection with this
offering and the documents incorporated and deemed to be incorporated by reference herein and therein. For a further discussion of the
risks, uncertainties and assumptions relating to our business, please see the discussion under the caption &ldquo;Risk Factors&rdquo;
included in our <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/66004/000117494722000283/msex10k2021.htm" STYLE="-sec-extract: exhibit">Annual
Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2021</A> and our <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/66004/000117494722000866/msex10q0622.htm" STYLE="-sec-extract: exhibit">Quarterly
Report on Form&nbsp;10-Q for the period ended June&nbsp;30, 2022</A>, as updated by our annual, quarterly and other reports and documents
we file with the SEC that are incorporated by reference in this prospectus supplement and the accompanying prospectus. The risks described
below are not the only risks that we face. Additional risks and uncertainties not currently known to us or that we currently deem immaterial
may also impair our business operations. Any of these risks may have a material adverse effect on our business, financial condition,
results of operations and cash flows. In such a case, you may lose all or part of your investment in the shares of Middlesex Common Stock.
In addition, you should consult your own financial and legal advisors before making an investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">You will not know the price for the
                                            shares you are purchasing under the Plan at the time you authorize the investment or elect
                                            to have your dividends reinvested.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">The price of shares of Middlesex
                                            Common Stock may fluctuate between the time you decide to purchase shares under the Plan
                                            and the time of actual purchase. In addition, during this time period, you may become aware
                                            of additional information that might affect your investment decision.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">Shares of Middlesex Common Stock
                                            deposited in a Plan account may not be pledged until the shares are withdrawn from the Plan.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">You will be treated as having received
                                            dividend income on the dividend payment date for Federal income tax purposes. Such dividends
                                            will generally give rise to a tax liability even though no cash was actually paid to you.
                                            This may create a liability for payment of income tax without providing you with immediate
                                            cash to pay this tax when it becomes due.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">No discount will be available for
                                            shares of Middlesex Common Stock acquired in the open market or in privately negotiated transactions.
                                            From time to time, no discount may be available for any or all of initial purchases, optional
                                            purchase or reinvestment of dividends. For example, a discount for reinvestment of dividends
                                            will not insure the availability of a discount for optional cash purchases or initial investments.
                                            While a discount from market prices may be established for a particular period of time for
                                            shares of Middlesex Common Stock purchased directly from us, a discount for any one period
                                            of time will not insure the availability of the same or any other discount for future periods.
                                            We may, without giving you prior notice, change or eliminate the discount for any or all
                                            of the investment features of the Plan.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">You bear the risk of loss from market
                                            price changes for shares of Middlesex Common Stock purchased under the Plan. Neither we nor
                                            the Plan Agent can give you any assurance that shares of Middlesex Common Stock purchased
                                            under the Plan will, at any particular time, be worth more or less than the amount you paid
                                            for them.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_04"></A><B>MIDDLESEX WATER COMPANY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Middlesex Water Company,
incorporated in 1897, owns and operates regulated water utility and wastewater systems in New Jersey and Delaware. We define these activities
as Regulated Operations. We also operate water and wastewater systems under contract on behalf of municipal and private clients, primarily
in New Jersey and Delaware. We define these activities as Non-Regulated Operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The terms &ldquo;the Company,&rdquo;
 &ldquo;we,&rdquo; &ldquo;our,&rdquo; and &ldquo;us&rdquo; refer to Middlesex Water Company and its subsidiaries, including Tidewater
Utilities,&nbsp;Inc. (&ldquo;Tidewater&rdquo;) and Tidewater&rsquo;s wholly-owned subsidiaries, Southern Shores Water Company, LLC (&ldquo;Southern
Shores&rdquo;) and White Marsh Environmental Systems,&nbsp;Inc. (&ldquo;White Marsh&rdquo;), Pinelands Water Company (&ldquo;Pinelands
Water&rdquo;) and Pinelands Wastewater Company (&ldquo;Pinelands Wastewater&rdquo;), Utility Service Affiliates,&nbsp;Inc. (&ldquo;USA&rdquo;)
and Utility Service Affiliates (Perth Amboy) Inc. (&ldquo;USA-PA&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>REGULATED OPERATIONS</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>New Jersey</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Middlesex System provides
water services to approximately 61,000 retail customers, primarily in eastern Middlesex County, New Jersey and under wholesale contracts
to the City of Rahway, Townships of Edison and Marlboro, the Borough of Highland Park and the Old Bridge Municipal Utilities Authority.
The Middlesex System treats, stores and distributes water for residential, commercial, industrial and fire protection purposes. The Middlesex
System also provides water treatment and pumping services to the Township of East Brunswick under contract. The amount of water supply
allocated to the Township of East Brunswick is granted directly to the Township by the New Jersey Water Supply Authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Middlesex System&rsquo;s
retail customers are located in an area of approximately 55 square miles in Woodbridge Township, the City of South Amboy, the Boroughs
of Metuchen and Carteret, portions of the Township of Edison and the Borough of South Plainfield, all in Middlesex County and a portion
of the Township of Clark in Union County. Retail customers include a mix of residential customers, large industrial concerns and commercial
and light industrial facilities. These customers are located in generally well-developed areas of central New Jersey.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The contract customers of
the Middlesex System comprise an area of approximately 110 square miles with a population of over 200,000. Contract sales to the Townships
of Edison and Marlboro, the City of Rahway and the Old Bridge Municipal Utilities Authority are supplemental to the water systems owned
and operated by these customers. Middlesex is the sole source of water for the Borough of Highland Park and the Township of East Brunswick.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Middlesex provides water
service to customers in Cumberland County, New Jersey. This system is referred to as Bayview, and is not physically interconnected with
the Middlesex System.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Pinelands
Water and Pinelands Wastewater provide water and wastewater services to customers in Southampton Township, New Jersey.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Delaware</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Tidewater, together with
its wholly-owned subsidiary, Southern Shores, provides water services to approximately 56,000 retail customers for residential, commercial
and fire protection purposes in approximately 450 separate communities in New Castle, Kent and Sussex Counties, Delaware.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>NON-REGULATED OPERATIONS</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">USA-PA
operates and manages the water supply system and wastewater system for the City of Perth Amboy, New Jersey.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">USA operates the Borough
of Avalon, New Jersey&rsquo;s water utility, sewer utility and storm water system and the Borough of Highland Park, New Jersey&rsquo;s
water utility and sewer utility system under operations and maintenance contracts. Under a marketing agreement with HomeServe USA, USA
offers residential customers in New Jersey and Delaware a menu of water and wastewater related home maintenance programs. USA also provides
unregulated water and wastewater services under contract with several other smaller New Jersey municipalities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">White Marsh operates or maintains
water and/or wastewater systems under 35 separate contracts, primarily in Delaware.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_05"></A><B>CAUTIONARY STATEMENT REGARDING
FORWARD-LOOKING STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus supplement
and the accompanying prospectus, including the documents that we incorporate by reference, contain forward-looking statements within
the meaning of Section&nbsp;27A of the Securities Act and Section&nbsp;21E of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange
Act&rdquo;). Any statements about our expectations, beliefs, plans, objectives, assumptions or future events or performance are not historical
facts and may be forward-looking. These statements are often, but are not always, made through the use of words or phrases such as &ldquo;anticipate,&rdquo;
 &ldquo;believe,&rdquo; &ldquo;contemplate,&rdquo; &ldquo;continue,&rdquo; &ldquo;could,&rdquo; &ldquo;estimate,&rdquo; &ldquo;expect,&rdquo;
 &ldquo;intend,&rdquo; &ldquo;may,&rdquo; &ldquo;plan,&rdquo; &ldquo;potential,&rdquo; &ldquo;predict,&rdquo; &ldquo;project,&rdquo; &ldquo;seek,&rdquo;
 &ldquo;should,&rdquo; &ldquo;target,&rdquo; &ldquo;will,&rdquo; &ldquo;would,&rdquo; or the negative of these words or other comparable
terminology. Accordingly, these statements involve estimates, assumptions and uncertainties which could cause actual results to differ
materially from those expressed in them. Any forward-looking statements are qualified in their entirety by reference to the factors discussed
throughout this prospectus supplement, the accompanying prospectus and the documents that we incorporate by reference, and in particular
those factors referenced in the section &ldquo;Risk Factors&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus supplement,
the accompanying prospectus and the documents that we incorporate by reference contain forward-looking statements that are based on our
management&rsquo;s belief and assumptions and on information currently available to our management. These statements relate to future
events or our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual
results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance
or achievements expressed or implied by these forward-looking statements. Forward-looking statements include, but are not limited to,
statements about:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">expected
                                            financial condition, performance, prospects and earnings of the Company;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">strategic
                                            plans for growth;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify">the amount and timing of rate increases
                                            and other regulatory matters, including the recovery of certain costs recorded as regulatory
                                            assets;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the Company&rsquo;s
                                            expected liquidity needs during the upcoming fiscal year and beyond and the sources and availability
                                            of funds to meet its liquidity needs;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">expected
                                            customer rates, consumption volumes, service fees, revenues, margins, expenses and operating
                                            results;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">financial
                                            projections;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the expected
                                            amount of cash contributions to fund the Company&rsquo;s retirement benefit plans, anticipated
                                            discount rates and rates of return on plan assets;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the ability
                                            of the Company to pay dividends;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the Company&rsquo;s
                                            compliance with environmental laws and regulations and estimations of the materiality of
                                            any related costs;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the safety
                                            and reliability of the Company&rsquo;s equipment, facilities and operations;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify">the Company&rsquo;s plans to renew municipal
                                            franchises and consents in the territories it serves;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">trends;
                                            and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify">the availability and quality of our water
                                            supply.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">These forward-looking statements
are neither promises nor guarantees of future performance due to a variety of risks and uncertainties, many of which are beyond our control,
which could cause actual results to differ materially from those indicated by these forward-looking statements. Important factors that
could cause actual results to differ materially from anticipated results and outcomes include, but are not limited to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify">effects of general economic conditions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify">increases in competition for growth in
                                            non-franchised markets to be potentially served by the Company;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify">ability of the Company to adequately control
                                            selected operating expenses which are necessary to maintain safe and proper utility services,
                                            and which may be beyond the Company&rsquo;s control;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify">availability of adequate supplies of water;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify">actions taken by government regulators,
                                            including decisions on rate increase requests;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify">new or modified water quality standards
                                            and compliance with related regulatory requirements;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify">weather variations and other natural phenomena
                                            impacting utility operations;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify">financial and operating risks associated
                                            with acquisitions and, or privatizations;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify">acts of war or terrorism;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify">cyber - attacks;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify">changes in the pace of housing development;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify">availability and cost of capital resources;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify">timely availability of materials and supplies
                                            for operations and critical infrastructure projects; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify">impact of the Novel Coronavirus (COVID-19)
                                            pandemic.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For an additional discussion
of factors that may affect the Company&rsquo;s business and results of operations, see the &ldquo;Risk Factors&rdquo; sections in this
prospectus supplement and the accompanying prospectus, and the risk factors and cautionary statements described in the documents incorporated
by reference herein, including those described in Part&nbsp;I,&nbsp;Item 1A of our most recent Annual Report on Form&nbsp;10-K and in
Part&nbsp;II,&nbsp;Item 1A of our most recent Quarterly Report on Form&nbsp;10-Q.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Given these uncertainties,
readers should not place undue reliance on our forward-looking statements. These forward-looking statements speak only as of the date
on which the statements were made and are not guarantees of future performance. Except as may be required by applicable law, we do not
undertake to update any forward-looking statements after the date of this prospectus supplement or the respective dates of documents
incorporated by reference herein or therein that include forward-looking statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_06"></A><B>WHERE YOU CAN FIND MORE
INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are subject to the informational
requirements of the Exchange Act and, accordingly, file reports, proxy statements and other information with the SEC. These materials
may be inspected and copied at the SEC&rsquo;s Public Reference Room at 100 F Street, N.E., Washington, D.C. 20549. Please contact the
SEC at (800) SEC-0330 for information on the operation of the Public Reference Room.&nbsp; In addition, our SEC filings are available
to the public at the SEC&rsquo;s Internet site at <U>www.sec.gov</U> and on our Internet site at <U>www.middlesexwater.com</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus supplement
constitutes part of a Registration Statement on Form&nbsp;S-3 that we filed with the SEC. This prospectus supplement does not contain
all of the information set forth in the Registration Statement, some parts of which are omitted in accordance with the rules&nbsp;and
regulations of the SEC. For further information, reference is hereby made to the Registration Statement and all amendments and exhibits
thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_07"></A><B>INCORPORATION OF CERTAIN
DOCUMENTS BY REFERENCE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The SEC allows us to incorporate
by reference the information and reports we file with it, which means that we can disclose important information to you by referring
you to these documents. The information incorporated by reference is considered to be a part of this prospectus supplement and the accompanying
prospectus, except for information incorporated by reference that is modified or superseded by information contained in this prospectus
supplement or in any other subsequently filed document that also is incorporated by reference herein. Information we file later with
the SEC will automatically update and supersede the information in this Prospectus Supplement and in documents incorporated by reference.
We incorporate by reference the documents listed below<B>:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/66004/000117494722000283/msex10k2021.htm" STYLE="-sec-extract: exhibit">The
                                            Company&rsquo;s Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2021,
                                            filed on February&nbsp;25, 2022;</A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">The portions of the Company&rsquo;s <A HREF="https://www.sec.gov/Archives/edgar/data/66004/000117494722000510/def14a-27689_msx.htm" STYLE="-sec-extract: exhibit">Definitive
                                            Proxy Statement on Schedule 14A filed on April&nbsp;8, 2022</A> that are incorporated by
                                            reference into the Company&rsquo;s <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/66004/000117494722000283/msex10k2021.htm" STYLE="-sec-extract: exhibit">Annual
                                            Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2021</A>;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/66004/000117494722000576/msex10q0322.htm" STYLE="-sec-extract: exhibit">The
                                            Company&rsquo;s Quarterly Report on Form&nbsp;10-Q for the quarter ended March&nbsp;31, 2022,
                                            filed on April&nbsp;29, 2022;</A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/66004/000117494722000866/msex10q0622.htm" STYLE="-sec-extract: exhibit">The
                                            Company&rsquo;s Quarterly Report on Form&nbsp;10-Q for the quarter and six-months ended June&nbsp;30,
                                            2022, filed on July&nbsp;29, 2022;</A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(e)</TD><TD STYLE="text-align: justify">The Company&rsquo;s Current Reports on
                                            Form&nbsp;8-K filed on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/66004/000117494722000047/form8k-27204_msx.htm" STYLE="-sec-extract: exhibit">January&nbsp;14,
                                            2022</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/66004/000117494722000078/form8k-27252_msx.htm" STYLE="-sec-extract: exhibit">January&nbsp;27,
                                            2022</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/66004/000117494722000541/form8k-27916_msx.htm" STYLE="-sec-extract: exhibit">April&nbsp;22,
                                            2022</A> and <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/66004/000110465922064463/tm2216803d1_8k.htm" STYLE="-sec-extract: exhibit">May&nbsp;25,
                                            2022</A> (in each case, except for information contained therein which is furnished rather
                                            than filed);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(f)</TD><TD STYLE="text-align: justify">The material under the caption &ldquo;Description
                                            of Capital Stock&rdquo; in the Company&rsquo;s Registration Statement on Form&nbsp;8-A under
                                            Section&nbsp;12(g)&nbsp;of the Exchange Act, which incorporates by reference the information
                                            under &ldquo;Common Stock&rdquo; in the prospectus constituting a part of the Company&rsquo;s
                                            Registration Statement on Form&nbsp;S-1 (File No.&nbsp;2-55058) and any subsequent amendments
                                            and reports filed for the purposes of updating such descriptions; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(g)</TD><TD STYLE="text-align: justify">All documents filed by the Company after
                                            the date of this prospectus supplement pursuant to Sections 13(a), 13(c), 14 and 15(d)&nbsp;of
                                            the Exchange Act prior to the termination of the offering of the securities covered by this
                                            prospectus supplement, except as to any portion of any future report or document that is
                                            not deemed filed under such provisions.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon request, we will provide,
without charge, to each person (including any beneficial owner) to whom a copy of this prospectus is delivered, a copy of the documents
incorporated by reference into this prospectus. You may request a copy of these filings, and any exhibits we have specifically incorporated
by reference as an exhibit in this prospectus, at no cost by writing or telephoning us at the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Middlesex Water
Company 485C Route 1 South, Suite&nbsp;400,&nbsp;Iselin, New Jersey 08830, 732- 634-1500</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_08"></A><B>THE MIDDLESEX WATER COMPANY
INVESTMENT PLAN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a_09"></A><B>PURPOSE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD STYLE="text-align: justify"><B>What is the purpose of the
                                            Plan?</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The purpose of the Middlesex
Water Company Investment Plan (the &ldquo;Plan&rdquo;) is to promote long-term stock ownership among existing and new investors in Middlesex
Water Company (&ldquo;Middlesex&rdquo; or the &ldquo;Company&rdquo;) by providing a convenient and economical method to purchase shares
of the Company&rsquo;s Common Stock, no par value (&ldquo;Common Stock&rdquo;) directly and reinvest cash dividends in shares of Common
Stock without payment of a brokerage commission. We reserve the right to modify, suspend or terminate participation in the Plan by otherwise
eligible holders of Common Stock or new investors in order to eliminate practices which we determine, in our sole discretion, to be inconsistent
with the purposes of the Plan. Unless the context provides otherwise, references to &ldquo;shares&rdquo; are references to shares of
Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Plan also provides us
with a means of raising additional capital if we elect to directly sell newly issued shares of Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a_11"></A><B>PLAN ADVANTAGES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>2.</B></TD><TD STYLE="text-align: justify"><B>What are some advantages of
                                            enrolling in the Plan?</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull; New investors can join the Plan by investing as little as $500.00,
or up to a maximum of $10,000.00, and completing and returning an enrollment form. New investors also have the option of initiating an
initial debit through the &ldquo;Plan Wizard&rdquo; link found online under Buy Stock Direct (<U>http://shareholder.broadridge.com/middlesexwater</U>).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&bull; You can automatically build your investment
over time by electing to have cash dividends on all or part of your shares automatically reinvested in shares of Common Stock at market
prices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&bull; You may purchase additional shares of
Common Stock through additional optional cash payments of $25 or more (maximum $25,000 per calendar quarter).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&bull; You may purchase in dollar amounts, rather
than a certain number of shares, so you can own fractional shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&bull; Save money. Through the Plan, you can
purchase and sell shares of Common Stock directly, rather than dealing with a stockbroker. You pay no commission or service charge on
purchases made under the Plan. Fees charged by the Plan Agent for sales or certain other transactions are generally lower than commissions
and fees charged by a stockbroker.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&bull; Purchase Common Stock by authorizing a
one-time online bank debit via the online process or by sending in a physical check and a completed Direct Share Purchase and Enrollment
Form. For example, you may choose to purchase every month through automatic monthly deductions or periodically make occasional purchases
by check. The Plan is designed for long -term investors who wish to invest and build their share ownership over time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&bull; Peace of Mind. You may deposit your existing
Common Stock certificates with the Plan&rsquo;s agent for safekeeping if you so desire. Shares purchased via book entry (where no certificate
is issued to you directly) are held by the Plan&rsquo;s agent and can be viewed by accessing your account electronically.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&bull; If you are employed by the Company (or
its subsidiaries and other affiliates), and are otherwise eligible to participate, you may make purchases through a program of regular
payroll deductions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a_12"></A><B>ADMINISTRATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>3.</B></TD><TD STYLE="text-align: justify"><B>Who Administers the Plan?</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Broadridge Corporate Issuer
Solutions,&nbsp;Inc. is the Transfer Agent, Registrar and Administrator of the Plan (the &ldquo;Plan Agent&rdquo; or &ldquo;Broadridge&rdquo;).
The Plan Agent keeps records, sends statements of account to Plan participants and performs other duties relating to the Plan. The Common
Stock purchased in your Plan account will be registered in the name of the Plan Agent, or its nominee, as your agent. You may, at any
time, withdraw all or any part of the shares held in your Plan account. Special arrangements may be made with the Plan Agent if you are
an institution that is required by law to maintain physical possession of share certificates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>4.</B></TD><TD STYLE="text-align: justify"><B>How do I contact the Plan Agent
                                            regarding Common Stock, Sale or Dividend Reinvestment or Other Services?</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Enrollment, purchase or
sale of share requests and other transactions or services offered under the Plan should be directed to the Plan Agent through any of
the following ways:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White; width: 20%; font: bold 10pt Times New Roman, Times, Serif; text-align: left">Phone Inquiries:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White; width: 80%">1-888-211-0641 or 720-358-3643</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White; font: bold 10pt Times New Roman, Times, Serif">Email:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">shareholder@broadridge.com</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White; font: bold 10pt Times New Roman, Times, Serif">Website:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White"><U>http://shareholder.broadridge.com/middlesexwater</U></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Please note that all transactions online shall
be subject to the additional Terms of Use and Linking Policy and Privacy Statement available on the website.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White; width: 20%; font: bold 10pt Times New Roman, Times, Serif; text-align: left">For All Correspondence:</TD>
    <TD STYLE="background-color: White; width: 80%; font: 10pt Times New Roman, Times, Serif; text-align: left">Middlesex Water Company</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif; text-align: left">c/o Broadridge Corporate Issuer Solutions</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif; text-align: left">P.O.Box 1342</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif; text-align: left">Brentwood, NY 11717</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White; width: 20%; font: bold 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -1.5in; padding-left: 1.5in">For
    Purchase&nbsp;&amp; Sales Requests:</TD>
    <TD STYLE="background-color: White; width: 80%; font: bold 10pt Times New Roman, Times, Serif; text-align: left">Standard Mail:</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; padding-left: 1.5in">&nbsp;</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif; text-align: left">Middlesex Water Company</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; padding-left: 1.5in">&nbsp;</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif; text-align: left">Broadridge Corporate Issuer Solutions</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; padding-left: 1.5in">&nbsp;</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif; text-align: left">P.O.&nbsp;Box 1342</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; padding-left: 1.5in">&nbsp;</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif; text-align: left">Brentwood, NY 11717</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: White; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; padding-left: 1.5in">&nbsp;</TD>
    <TD STYLE="background-color: White; font: bold 10pt Times New Roman, Times, Serif; text-align: left">Overnight Mail:</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; padding-left: 1.5in">&nbsp;</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif; text-align: left">Middlesex Water Company</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; padding-left: 1.5in">&nbsp;</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif; text-align: left">c/o Broadridge Corporate Issuer Solutions</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; padding-left: 1.5in">&nbsp;</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif; text-align: left">1155 Long Island Avenue</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; padding-left: 1.5in">&nbsp;</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif; text-align: left">Edgewood, NY 11717</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; padding-left: 1.5in">&nbsp;</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif; text-align: left">ATTN: IWS</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Be sure to include your name, address,
account number, company name (both as shown on your statement) and daytime phone number on all correspondence.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>5.</B></TD><TD STYLE="text-align: justify"><B>What kind of reports will be
                                            sent to participants in the Plan?</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Statements will be sent only
to participants with account activity (such as purchase, sale transfer, deposit, withdrawal of shares or dividend reinvestment). You
should retain these statements in order to establish the cost basis of shares purchased under the Plan for income tax and other purposes.
In addition, you will receive copies of all communications sent to all other shareholders, such as annual and quarterly reports, proxy
statements and income tax information for reporting dividends paid. Under certain circumstances, in lieu of copies, you may receive a
Notice of Internet Availability of Proxy Materials providing access to the Company&rsquo;s Proxy Statement and Annual Report online.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>6.</B></TD><TD STYLE="text-align: justify"><B>How do I keep track of my investments?</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Plan Agent offers online
access to your account holdings at <U>http://shareholder.broadridge.com/middlesexwater</U> and an opportunity to participate in e-delivery
of account activity statements, where offered. Access to account information is always available via their Customer Service team which
can be reached at <B>1-888-211-0641</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a_13"></A><B>ELIGIBILITY AND ENROLLMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><A NAME="a_14"></A><B>Eligibility:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Plan is available to
the general public, including first time investors. Regulations in certain countries may, however, limit or prohibit participation in
this type of program. Persons residing outside the United States who wish to participate in the Plan should first contact their financial
or legal advisors to determine whether they are subject to any governmental regulations prohibiting their participation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>7.</B></TD><TD STYLE="text-align: justify"><B>How does a Company shareholder
                                            become eligible to participate in the Plan?</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If you are already a registered
shareholder of Common Stock (that is, your share certificates are registered directly in your name), you may enroll in the Plan by completing
and returning the Direct Share Purchase and Enrollment Form&nbsp;to the Plan Agent and following the instructions set forth below. If
the stock you own is registered in more than one name (i.e., joint tenants, trustees,&nbsp;etc.), all registered holders must sign the
Direct Share Purchase and Enrollment Form. In addition, if the stock you own is registered in different names (i.e., &ldquo;John Smith&rdquo;
and &ldquo;J. Smith&rdquo;), you must submit a Direct Share Purchase and Enrollment Form&nbsp;for each registration in order to participate
fully in the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>8.</B></TD><TD STYLE="text-align: justify"><B>I am not currently a shareholder.
                                            How can I enroll in the Plan?</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">To enroll, you must complete
and submit a Direct Share Purchase and Enrollment Form&nbsp;and make an initial investment of at least $500.00. Your initial investment
may be greater, but the maximum is $10,000.00. You have a choice of submitting the Direct Share Purchase and Enrollment Form, which may
be obtained from the Plan Agent Shareholder Services website at <U>www.shareholder.broadridge.com/middlesexwater</U> under &ldquo;Forms&rdquo;
or by calling Customer Service at 1-888-211-0641. You can alternatively utilize the easy to access Broadridge &ldquo;Buy Stock Direct
Plan Wizard&rdquo; located on the same website by clicking on the &ldquo;Plan Wizard&rdquo; link on the left -hand side and following
the step -by -step process. The &ldquo;Buy Stock Direct Plan Wizard&rdquo; will allow you to provide the required banking information
and authorize the Plan Agent to deduct the appropriate funds for your initial share purchase. (Company employees should also refer to
Question 12.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Plan Agent will hold
any personal information you provide pursuant to the Privacy Statement, which can be found at <U>https://investor.broadridge.com</U>.
The Plan Agent will purchase whole shares and allocate fractional shares of Common Stock to equal the dollar amount of your investment,
less any applicable fees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>9.</B></TD><TD STYLE="text-align: justify"><B>I already own shares, but they
                                            are held by my bank or broker and registered in &ldquo;street name.&rdquo; How can I participate?</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If you currently own shares
of our Common Stock that are held on your behalf by a bank or broker (that is, in &ldquo;street name&rdquo;), you will need to arrange
with your bank or broker to have at least one (1)&nbsp;share registered directly in your name in order to be eligible to participate.
Once the share or shares are registered in your name, you may then enroll in the Plan as described in Question 7. (Company employees
should also refer to Question 12.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>10.</B></TD><TD STYLE="text-align: justify"><B>Are there
                                            fees associated with enrollment in the Plan?</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There are no brokerage fees
or service charges applicable to purchases of shares under the Plan. The Company pays all general costs of administration of the Plan.
However, you may incur certain charges for certain other transactions, requests or withdrawals under the Plan. These charges include
but are not limited to additional fees for returned checks, returned Automated Clearing House (ACH) transactions, insufficient funds,
overnight mailings, certificate issuance, check replacement, historical research, and duplicate confirmation and/or account statements
(See Question 40 of this document or visit http://shareholder.broadridge.com/middlesexwater and access the &ldquo;Buy Stock Direct Plan
Wizard&rdquo; by clicking on the &ldquo;Plan Wizard&rdquo; link on the left-hand side for a listing of fees associated with these transactions.)
If you request that the Plan Agent arrange for the sale of any shares credited to your account under the Plan, an administrative fee
of $15, plus any applicable brokerage commission and transfer tax, is assessed per sale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>11.</B></TD><TD STYLE="text-align: justify"><B>Are there
                                            any restrictions on participation in the Plan by shareholders residing outside the United
                                            States?</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Regulations in certain countries
may limit or prohibit participation in services provided under this type of program. Accordingly, in the case of citizens or residents
of a country other than the United States, its territories, and possessions, the Company may determine, in its sole discretion, not to
allow participation because compliance with applicable regulations is not reasonably practicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>12.</B></TD><TD STYLE="text-align: justify"><B>Are there special eligibility
                                            or enrollment rules&nbsp;applicable to Company employees?</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Yes, if you are a Middlesex
employee or are an employee of one of the Company&rsquo;s subsidiaries (which for purposes of the Plan, includes a subsidiary of one
of the Company&rsquo;s subsidiaries), you have the additional option of purchasing shares through automatic payroll deductions (See Question
20 for details). Employees who participate through the automatic payroll deduction option may open a Plan account simply by completing
a Direct Share Purchase and Enrollment Form&nbsp;and returning it to the Company. Employees defined as &ldquo;Section&nbsp;16 Individuals&rdquo;
under the Middlesex Water Company Insider Trading Policy are not eligible to participate in automatic payroll deductions under the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a_15"></A><B>OPTIONAL CASH INVESTMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>13.</B></TD><TD STYLE="text-align: justify"><B>What are the minimum and maximum
                                            amounts for optional cash investments?</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To purchase shares by making
optional investments, you must invest at least $25.00 at any time but cannot invest more than $25,000.00 per calendar quarter. Any optional
investment of less than $25.00 or more than $25,000.00 per calendar quarter will be returned without interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>14.</B></TD><TD STYLE="text-align: justify"><B>How do I make an optional
                                            cash investment?</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Payments for optional cash
investments may be made by sending a personal check, drawn from a U.S. Bank in U. S. Dollars payable to Broadridge Corporate Issuer Solutions,&nbsp;Inc.
along with the Direct Share Purchase and Enrollment Form&nbsp;indicating Optional Cash Investment. Please be sure to write the account
number in the memo portion of your check and include a note identifying your account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Mail your optional investment
payment to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in"><B>Broadridge Corporate Issuer Solutions,&nbsp;Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in">P.O.&nbsp;Box 1342</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2in">Brentwood, NY 11717</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>15.</B></TD><TD STYLE="text-align: justify"><B>Can I have optional cash investments
                                            automatically deducted from my bank account?</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Yes. You can authorize automatic
deduction from an account at a financial institution that is a member of the National Automated Clearing House Association. You may establish
optional monthly cash purchases of a specified amount (not less than $25.00 or more than $25,000.00 per calendar quarter) to be made
automatically by electronic funds transfer from a predesignated U.S. Bank account. Automatic bank drafts will be initiated as promptly
as practicable. After the automatic bank draft is established, funds will be drawn on the 25th of each month or if that date falls on
a non-business day, the next business day. Visit the shareholder portal <U>http://shareholder.broadridge.com/middlesexwater</U> and follow
the onscreen instructions in order to access your account<FONT STYLE="color: blue"><U>.</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Method of Payment:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Check </B>&ndash;
You may make optional investments during any month by delivering to the Plan Agent a completed purchase coupon (the tear-off portion
located on the bottom of your statement or transaction advice) or Direct Share Purchase and Enrollment Form, and a personal check, money
order, or bank check made payable in U.S. dollars from a U.S. bank to Broadridge Corporate Issuer Solutions,&nbsp;Inc. Cash payments
will not be accepted</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Automatic Bank Draft </B>&ndash; You may pre-authorize
the Plan Agent to deduct a set amount ($25.00 minimum) from a U.S. checking, savings or credit union account. To initiate the bank draft,
you must complete and sign the Authorization for Monthly Investments &ndash; Optional section of the Direct Share Purchase and Enrollment
Form, and return it to the Plan Agent with a voided check for the bank account from which funds are to be drafted. Automatic bank drafts
will be initiated as promptly as practicable. As an added security measure, the Plan Agent applies a five business day hold period to
the initial linkage of banking account information to your investor account as well as changes made to established direct deposit or
direct debit instructions. This hold period helps prevent unauthorized transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">After the automatic bank draft is established
for reoccurring investment, funds will be drawn on the <U>25<SUP>th</SUP></U> of each month or if that date falls on a non-business day,
the next business day. A shareholder can also establish a onetime debit instance to be drawn from their account. You should allow up
to 4 weeks for the first automatic bank draft to be initiated. In order to terminate a bank draft, you must notify the Plan Agent in
writing at least ten (10)&nbsp;business days prior to the next automatic bank draft date in order for the termination to be effective
by that date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Dividends on Shares Purchased</B> - If shares
that you have purchased by optional investment are added to your account on or before a dividend record date, you will receive the upcoming
dividend on those newly added shares as well as any other shares already credited to your account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You have no obligation to make any optional investments
under the Program.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>16.</B></TD><TD STYLE="text-align: justify"><B>Will I be
                                            charged fees for optional cash payments?</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No.&nbsp;You will not be
charged any fees in connection with your optional cash payments. However, you may incur certain charges for certain other transactions,
requests or withdrawals under the Plan. (See Questions 32 and 41.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>17.</B></TD><TD STYLE="text-align: justify"><B>How are
                                            payments with &ldquo;insufficient funds&rdquo; handled?</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If an optional cash payment
is made by a check drawn on insufficient funds or incorrect draft information, or the Plan Agent otherwise does not receive the money,
the requested purchase will be deemed void, and the Plan Agent will immediately remove from your account any shares already purchased
upon the prior credit of such funds. The Plan Agent may, at its discretion, through a registered broker -dealer, sell such shares to
satisfy any uncollected amounts or return such shares to the Company. If the net proceeds from any sale of such shares are insufficient
to satisfy the balance due, the Plan Agent may, through a registered broker -dealer, sell additional shares from your account as necessary
to satisfy the uncollected balance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>18.</B></TD><TD STYLE="text-align: justify"><B>When will
                                            optional cash payments be invested?</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the Plan Agent receives
your optional cash payment at least two (2)&nbsp;days prior to the end of any month, it will invest your funds on the first business
day of the next month, subject to any suspension of the Plan, including where suspension is necessary to comply with Regulation M under
the Exchange Act or any other applicable securities laws. If the Plan Agent receives your payment fewer than two (2)&nbsp;days prior
to the end of any month, it will hold your funds and invest them on the first business day of the month following the next month, subject
to any suspension of the Plan as described above. Only shares which are purchased prior to the applicable record date for dividends will
be entitled to receive dividends. <B><I>Note: No interest will be paid on amounts held by the Plan Agent pending investment.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>19.</B></TD><TD STYLE="text-align: justify"><B>If I send
                                            in a Plan request and change my mind, can optional cash payments be returned to me?</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Once the Plan Agent receives
your written or electronic request for optional cash payment, that assigned contribution and transaction are considered final and will
be invested as scheduled. No interest will be paid on amounts held by the Plan Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>20.</B></TD><TD STYLE="text-align: justify"><B>I am an
                                            employee eligible to participate (See Question 12). Can I make optional cash payments through
                                            automatic payroll deductions?</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If you are an eligible employee
and have completed six (6)&nbsp;months of consecutive employment and you have already enrolled in the Plan (see Questions 7, 8 and 9),
you can enroll to make optional cash payments through automatic payroll deductions by completing an Employee Payroll Deduction Authorization
Form&nbsp;and submitting it to the Company (if you have not previously enrolled in the Plan, you may do so at the same time you enroll
to make optional payroll deductions). The Company (and the Plan Agent) must receive your forms sufficiently in advance of your next paycheck
to allow for processing. The minimum payroll deduction is $10, and the maximum deduction is $200 per pay period. Payroll deductions will
be counted against the limitation on optional cash payments discussed in Question 13. Once authorized, payroll deductions will continue
until changed or terminated by you. <B><I>Note: No interest will be paid on payroll deductions held by the Company or the Plan Agent
pending investment.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a_16"></A><B>PURCHASE OF COMMON STOCK</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>21.</B></TD><TD STYLE="text-align: justify"><B>What is
                                            the source of Common Stock purchased through the Plan?</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Share purchases will be made
directly from the Company&rsquo;s authorized but previously unissued Common Stock, or on the open market through a registered broker
-dealer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>22.</B></TD><TD STYLE="text-align: justify"><B>How many
                                            shares of Common Stock will be purchased under the Plan and what will be the price of the
                                            shares?</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Your Plan account will be
credited with the number of shares (including fractional shares, computed to four decimals) equal to the amount invested for your Plan
account divided by the applicable price per share. Shares purchased directly from the issuer under the Plan will be purchased and credited
to your account at the average of the daily averages of the high and low sales prices of Common Stock as reported on the NASDAQ Global
Select Market for the five (5)&nbsp;days on which the Common Stock was traded immediately preceding and ending on the applicable date
of purchase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Prices of shares purchased
on the open market will be equal to the average price of all shares purchased on your behalf by the Plan Agent. In making purchases of
shares for a participant&rsquo;s Plan account on each investment date, the Plan Agent will commingle the participant&rsquo;s funds with
those of other participants under the Plan. The prices of shares purchased in the open market for participants in the Plan with reinvested
cash dividends will be equal to the average price of all shares purchased for the Plan on such reinvestment date by the Plan Agent. The
Plan Agent shall have no responsibility with respect to the market value of Common Stock acquired under the Plan for participant accounts.
Although the Company generally bears all expenses associated with the Plan, each Plan participant will be responsible for brokerage commissions
and costs associated with the sale of any shares for such participant&rsquo;s account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>23.</B></TD><TD STYLE="text-align: justify"><B>Will the
                                            Company offer discounts on the price per share?</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to certain limitations,
the Company may, from time to time, offer shares to Plan participants at a discount from the purchase price described in Question 22.
Discounts exceeding five percent (5%) may require regulatory approval to be obtained by the Company. The following conditions will apply
if and when the Company offers shares at a discount: (i)&nbsp;the Company may limit the number of shares offered at the discounted price;
and (ii)&nbsp;the Company may limit the time period during which the discounted price is in effect (but in no event will the time period
be less than ninety (90) days).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt"><B>24.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>How
                                            do I purchase additional Common Stock?</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a Program participant,
you may purchase additional Common Stock for your account in three ways: by regular monthly electronic deductions, by one-time online
bank debit, and by check.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">You may authorize automatic
monthly deductions from your bank account by completing and returning an authorization form or you may submit a request online by logging
into your account at <U>http://shareholder.broadridge.com/middlesexwater</U><FONT STYLE="color: blue">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">You may authorize a one-time
online bank debit from your U.S. bank account by logging into your account at <U>http://shareholder.broadridge.com/middlesexwater</U><FONT STYLE="color: blue">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">You may make optional cash
investments by sending a check (in U.S. dollars) made payable to &ldquo;Broadridge&rdquo; along with a completed Direct Share Purchase
and Enrollment Form/Coupon which is attached to each statement you receive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As an added security measure,
Broadridge applies a five business day hold period to the initial association of banking account information to your investor account
as well as changes made to established direct deposit or direct debit instructions. This hold period helps prevent unauthorized transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the event purchases are
made in the open market, Broadridge will submit your request to the registered broker-dealer utilized by the Program to purchase whole
shares and allocate any fractional shares to equal each amount you invest, less any applicable fees. Keep in mind that the value of the
stock can fluctuate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The past performance of Common
Stock is not necessarily an indicator of future performance. There can be no guarantee that the stock you purchase through the Plan will
increase in value or retain its current value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a_17"></A><B>DIVIDEND REINVESTMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>25.</B></TD><TD STYLE="text-align: justify"><B>What dividend
                                            reinvestment options are available in the Plan?</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">You can choose to reinvest
all of a portion of your dividends on shares that you own. Following your instructions, the Plan Agent will apply all or a part of the
cash dividend to the purchase of additional shares. Below are the options for dividend reinvestment:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">&ldquo;Full Dividend Reinvestment&rdquo;
                                            - Under this option, you direct the Company to reinvest the dividends on <U>all</U> of the
                                            shares of Common Stock registered in your name, as well as shares credited to your account
                                            under the Plan. In addition, you may make additional investments by making optional cash
                                            payments; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">&ldquo;Partial Dividend Reinvestment&rdquo;
                                            - Under this option, you direct the Company to reinvest the dividends on a <U>portion</U>
                                            of the shares of Common Stock registered in your name. Dividends on shares credited to your
                                            account under the Plan will be reinvested fully to the extent you have elected to participate.
                                            In addition, you may make additional investments by making optional cash payments; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(c)</TD><TD STYLE="text-align: justify">&ldquo;Optional Cash
                                            Payments Only&rdquo; - Under this option, you may participate in the Plan by making optional
                                            cash payments only. The Plan Agent will continue to pay cash dividends on the shares you
                                            hold outside the Plan.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Plan Agent will return
your Direct Share Purchase and Enrollment Form&nbsp;to you if you fail to select one of these options or fail to sign the Direct Share
Purchase and Enrollment Form.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-indent: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>26.
 &#8239;&nbsp;Must my dividends be reinvested automatically to the extent I have chosen either Full Dividend Reinvestment or Partial Dividend
Reinvestment?</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To the extent you have elected
to participate in the Plan, cash dividends on those shares which are subject to reinvestment will be reinvested automatically in additional
shares of Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>27.</B></TD><TD STYLE="text-align: justify"><B>When will
                                            my dividends be reinvested and at what price?</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If you are enrolled in the
Plan as of an applicable &ldquo;record date&rdquo; for dividends, either all or part of the dividends on your shares (depending on which
option you have chosen) will be used to purchase shares of Common Stock as of the applicable dividend payment dates. Cash dividends on
the Common Stock, when and as declared, have generally been payable on the first business day of March, June, September&nbsp;and December.
The price of the Common Stock to be purchased under the Plan is addressed in Questions 22 and 23.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>28.</B></TD><TD STYLE="text-align: justify"><B>Will I be
                                            charged fees for participating in the dividend reinvestment program?</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No.&nbsp;You will not be
charged any fees in connection with the reinvestment of your dividends under the Plan. However, you may incur certain charges for certain
other transactions or requests under the Plan. (See Question 40.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>29.</B></TD><TD STYLE="text-align: justify"><B>Can I contribute
                                            shares I hold in certificate form into my Plan account?</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Yes. If you hold paper stock
certificates you may send them unsigned to the address at the end of this document via overnight delivery or some other form of traceable
mail, with return receipt requested, and properly insured through the mail carrier. Please include a letter of instruction. You may also
contribute any book-entry shares. Please call the Plan Agent at 1-888-211-0641 for more information. The Plan Agent will credit your
book-entry registered shares to your account free of charge.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>30.</B></TD><TD STYLE="text-align: justify"><B>Can shares
                                            bought through the Plan be issued in certificate form?</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">These shares will be issued
and held in book-entry form. However, if you so require, you may request shares be issued in certificate form in your name. To obtain
a stock certificate for any or all of the whole shares in your account, simply, call or write the Plan Agent. Please note that a fee
may be associated with this service.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>31.</B></TD><TD STYLE="text-align: justify"><B>Can I change
                                            my dividend reinvestment instructions once I have initially selected an option?</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Yes, you may change your
reinvestment instruction through the Internet or in writing at any time by completing a new Direct Share Purchase and Enrollment Form.
If the Plan Agent received the notice of change near an upcoming dividend record date, the Plan Agent may defer changing your reinvestment
option until the next dividend payment date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a_18"></A><B>GIFTS AND TRANSFERS OF SHARES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>32.</B></TD><TD STYLE="text-align: justify"><B>Can I transfer
                                            shares that I hold in the Plan or give them as gifts?</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Yes.
Subject to compliance with all applicable laws, you may transfer ownership of some or all of your Plan shares to new or existing shareholders
by completing a Legal Transfer Form. A Legal Transfer Form&nbsp;is available to download and print at </FONT><U>www.shareholder.broadridge.com/middlesexwater</U>&nbsp;under
 &ldquo;Forms&rdquo;<FONT STYLE="font-size: 10pt">. Transfers may be made in book-entry form or in certificate form. To obtain instructions
for transferring your shares, please download transfer instructions from the Plan Agent website. Alternatively, you may call the Customer
Service line of the Plan Agent at 1-888-211-0641, and request the Plan Agent to send you transfer instructions and the Legal Transfer
Form.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">You will be responsible for
any applicable taxes in connection with the transfer. Signatures of all registered holders must be &ldquo;Medallion Guaranteed&rdquo;
by a financial institution participating in the Medallion Guarantee program. The Medallion Guarantee program ensures that the individual
signing is in fact the owner as indicated on the participant&rsquo;s account. If a shareholder cannot provide a Medallion signature guarantee,
a waiver request can be submitted by the shareholder and the Company would have to sign an indemnity letter in order for the Plan Agent
to proceed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If you are opening a new
Plan account for the transferee, you must include a completed Direct Share Purchase and Enrollment Form&nbsp;with the gift/transfer instructions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>33.</B></TD><TD STYLE="text-align: justify"><B>What about
                                            Gifts to Minors?</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If you are transferring shares
to a minor, you need to provide the name of the adult custodian who will be listed on the account. Once the minor has reached the age
of majority, the custodian&rsquo;s name can be removed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a_19"></A><B>SALE OF SHARES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>34.</B></TD><TD STYLE="text-align: justify"><B>How do I
                                            sell shares?</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A registered shareholder
who holds qualified, freely tradable shares of Common Stock in Direct Registration Form&nbsp;(i.e., shares held electronically or by
book entry) can submit requests to sell shares through a registered broker-dealer through the Plan Agent website, through its toll-free
telephone number or through the mail at any time. The Plan Agent will forward promptly such requests to the registered broker-dealer
utilized by the Plan. This broker-dealer will sell the shares on the open market. The payment remitted for the shares sold will reflect
any applicable administrative fees and brokerage commission and will be the average weighted price for all shares sold on the trade date
or dates. In general, sales are made at least once a week. Depending on the number of shares being sold and current trading volume in
the shares, sales may be executed in multiple transactions and may be traded on more than one day. The selling price will not be known
until the sale is complete. A check for the proceeds of the sale of shares less applicable taxes, transaction fees and brokerage commissions,
will normally be mailed to the participating shareholder by first class mail within two (2)&nbsp;business days after the final trade
settlement date. A direct deposit for the proceeds of the sale of shares less applicable taxes, transaction fees and brokerage commissions
will normally be issued to the receiving bank account within two (2)&nbsp;business days after the final trade settlement date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The ability to purchase or
sell shares through the Plan is intended to be a convenience. However, you may find it more convenient or economical to effect such transactions
through a broker of your choice. Participation in the Plan is strictly voluntary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If you request that the Plan
Agent sell any of the shares credited to your account under the Plan, a fee of $15, plus any applicable brokerage commission and transfer
tax, is assessed per sale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Participants should be aware that the share
price of Common Stock may fluctuate between the time your transaction request is received and the time the transaction is carried out
on the open market. This price risk will be borne solely by you. The Plan Agent may, but is not obligated to, accept written requests
to revoke transaction requests.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a_20"></A><B>CUSTODIAL SERVICE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>35.</B></TD><TD STYLE="text-align: justify"><B>How does
                                            the custodial service (book-entry shares) work?</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All shares of Common Stock
that are purchased through the Plan will be held by the Plan Agent and reflected in book-entry form in the participant&rsquo;s account
on the records of the Plan Agent. A Plan participant who holds Common Stock certificates may also, at any time, deposit those certificates
for safekeeping with the Plan Agent, and the shares represented by the deposited certificates will be included in the book-entry form
in the participant&rsquo;s account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>36.</B></TD><TD STYLE="text-align: justify"><B>How do I
                                            deposit my Common Stock certificates with the Plan Agent?</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To deposit certificates into
the Plan and benefit from the safekeeping feature of the Plan, participants should mail their certificates, via registered and insured
mail, to Broadridge Corporate Issuer Solutions,&nbsp;Inc., 1155 Long Island Avenue, Edgewood, NY 11717. Certificates should be accompanied
by a completed Authorization Form, specifying that 1) the shares are furnished for safekeeping, and that 2) dividends on all or a portion
of such shares are to be either reinvested pursuant to the Plan or paid in cash.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Note: The certificates should not be endorsed,
and the assignment section should not be completed.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>37.</B></TD><TD STYLE="text-align: justify"><B>Are there
                                            any charges associated with this custodial service?</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No.&nbsp;There is no cost
to you either for having the Plan Agent hold the shares purchased for you through the Plan or for depositing with the Plan Agent the
stock certificates you hold for the purpose of adding the shares to your book-entry share position. However, you may incur certain charges
for certain other transactions or requests under the Plan (See Questions 32, 34 and 40).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a_21"></A><B>ISSUANCE OF STOCK CERTIFICATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>38.</B></TD><TD STYLE="text-align: justify"><B>Will stock
                                            certificates be issued for shares acquired through the Plan?</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No.&nbsp;Stock certificates
will not be issued for shares in a Plan account unless a specific request is made to the Plan Agent. The Plan&rsquo;s book-entry custodial
service eliminates the risk and cost of certificate loss, theft or destruction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>39.</B></TD><TD STYLE="text-align: justify"><B>How do I
                                            request a stock certificate?</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Certificates for full shares
held in the plan may be obtained by writing the Plan Agent and requesting the issuance of shares in certificate form (See <U>http://shareholder.broadridge.com/middlesexwater</U>&nbsp;and
access the &ldquo;Buy Stock Direct Plan Wizard&rdquo; by clicking on the &ldquo;Plan Wizard&rdquo; link on the left-hand side for the
fee associated with such requests). Certificates for fractional shares will not be issued under any circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a_22"></A><B>SERVICE FEES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>40.</B></TD><TD STYLE="text-align: justify"><B>What are
                                            the fees associated with participation in the Plan?</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There are fees associated
with certain transactions, requests or withdrawals under the Plan and are outlined below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Purchases:</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White; width: 50%; font: 10pt Times New Roman, Times, Serif; text-align: left">Initial Setup Fee</TD>
    <TD STYLE="background-color: White; width: 50%; font: 10pt Times New Roman, Times, Serif; text-align: left">No Charge</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif; text-align: left">Check Processing Fee</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif; text-align: left">No Charge</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif; text-align: left">Purchase Trading Fee</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif; text-align: left">No Charge</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, with respect
to each purchase effectuated in the open market, the Plan Agent will forward a brokerage commission fee of $0.10 per share purchased
to the registered broker-dealer utilized by the Plan, which is paid by the Company at this point in time. The Plan Agent will retain
no portion of any brokerage commission fee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Sales:</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with each sale order, the Plan
Agent will charge a flat administrative fee of $25.00 fee per market order request, $15.00 per batch order request and $30 for limit
order request and will forward a brokerage commission fee of $0.10 per share sold to the registered broker-dealer utilized by the Plan.
The Plan Agent will retain no portion of any brokerage commission fee. To effectuate sales, the executing broker-dealer will deduct these
fees from the sale proceeds, and then cause the remaining sale proceeds to be delivered to you at your mailing address or bank account
information on file with the Plan Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Split-Segment; Name: 1 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Additional Fees:</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Returned Checks</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$30.00/check</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Returned ACH</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$25.00/return</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Historical Research fee</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$25.00/request</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Replacement check fee</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$3.00/request</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Insufficient Funds</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$30.00/instance</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Overnight Mailings</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$25.00/mailing</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certificate Issuance</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$50.00/certificate</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Duplicate Confirmation Statements</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.875in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-Electronic </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No Charge</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.875in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-Paper </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$10.00</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Duplicate Account Statements</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.875in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-Electronic</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No Charge</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.875in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-Paper</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$10.00</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Reinvestment of Dividends:</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 10pt">Dividend Reinvestment Fee</TD>
    <TD STYLE="width: 50%; font-size: 10pt">No Charge</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>The fees set forth in this Schedule are subject
to change.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="sp2a_001"></A><B>WITHDRAWAL FROM THE PLAN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>41. &#8239;How do I close my Plan account?</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Termination requests can
be made online via <FONT STYLE="color: Black"><U>http://shareholder.broadridge.com/middlesexwater</U></FONT> or mailed to the Plan Agent
with the transaction form included with your statement. Upon termination, you must elect either (a)&nbsp;to receive a certificate for
the number of whole shares held in your Plan account and a check for the value of any fractional share (which value will be based on
the current market price of the Common Stock), or (b)&nbsp;to have all of the shares in your Plan account sold for you.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If you request that your
shares be sold, the Plan Agent will arrange for the sale in the market, if practicable, within ten (10)&nbsp;trading days after receipt
of the request. You will receive the proceeds of sale, less any brokerage commission, sales fee(s), and transfer tax. Receipt by the
Plan Agent of due notice of a participant&rsquo;s death or incompetence shall be deemed a notice of withdrawal. Because the Plan Agent
will arrange for the sale of shares on behalf of the Plan, neither the Company nor any participant under the Plan has the authority or
power to control the timing or pricing of sales, or the selection of the broker -dealer making the sales. Therefore, you will not be
able to precisely time your sales through the Plan, and will bear the market risk associated with fluctuation in the price of the Common
Stock. The price of the Common Stock could go up or down before the broker sells your shares. In addition, you will not earn interest
on any cash proceeds generated by a sales transaction for your account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Participants should be aware that the share
price may fluctuate between the time your transaction request is received and the time the transaction is carried out on the open market.
This price risk will be borne solely by you. The Plan Agent may, but is not obligated to, accept written requests to revoke transaction
requests.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any certificates issued upon termination will
be issued in the name or names in which the account is registered, unless otherwise instructed. If the certificate is to be issued in
a name other than the name or names on your Plan account, your signature (and that of any co-owner) on the instructions or stock power
must be &ldquo;Medallion Guaranteed&rdquo; by a financial institution participating in the Medallion Guarantee program (See Question
32). If a shareholder cannot provide a Medallion signature guarantee, a waiver request can be submitted by the shareholder and the Company
would have to sign an indemnity letter in order for the Plan Agent to proceed. You will be responsible for any applicable taxes in connection
with the transfer. No certificates will be issued for fractional shares of Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Plan Agent will process
notices of withdrawal and send proceeds to you as soon as practicable, without interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>42. &#8239;Do eligible
employees investing through payroll deduction need to do anything else to withdraw from the Plan?</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Yes. In addition to sending
a withdrawal request to the Plan Agent, you must notify the Company in writing in order to discontinue the payroll deduction. The Company
must receive your request sufficiently in advance of your next paycheck to allow for processing. Any amounts held by the Company of the
Plan Agent which have not been invested, will be returned to you, without interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>43. &#8239;Can an eligible
employee terminate automatic payroll deduction and still remain in the Plan?</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Yes, an eligible employee
may decide to terminate their payroll deduction but choose to leave their shares in the Plan and otherwise continue to participate. In
such an instance, employees may continue to make optional cash payments directly to the Plan Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>44. &#8239;After withdrawing
from the Plan, may employees later re-enroll?</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Generally, yes. Eligible
employees may re-enroll by following the procedures for enrollment, however the Company reserves the right to reject an employee&rsquo;s
enrollment if it believes their participation may be contrary to the general intent of the Plan (promoting long-term ownership of Common
Stock) or in violation of applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>45. &#8239;Can the Company
unilaterally terminate or suspend my participation in the Plan?</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company reserves the
right to terminate you from the Plan if fewer than one (1)&nbsp;share of Common Stock is held in your Plan account and you no longer
remain a record holder of Common Stock subject to automatic dividend reinvestment under the Plan. In such a case, you will be issued
a check for the cash value of any fractional share in your Plan account. In addition, the Company reserves the right to modify, suspend
or terminate you from the Plan if it believes that your participation (i)&nbsp;may be contrary to the general intent of the Plan (promoting
long-term ownership of shares of Common Stock), (ii)&nbsp;may adversely affect the market price or trading volume of our Common Stock,
or (iii)&nbsp;is in violation of applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If a participant engages
in short-term trading activities or any other activities that could affect the normal trading volume or pricing of our Common Stock,
we may prevent that participant from continuing to participate in the Plan. In addition, we also may prevent participation by financial
intermediaries, investment clubs or other nominees who engage in transactions primarily to benefit from any discount from the market
price for shares acquired under the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Company reserves the right to temporarily suspend direct purchases and certain other activities under the Plan in connection with any
other securities offering the Company may conduct in the future to the extent necessary for the Company to comply with Regulation M </FONT>under
the Exchange Act or any other applicable securities laws<FONT STYLE="font-size: 10pt">. The Company can exercise this right by giving
written instructions to the Plan Agent and without advance notice to Plan participants.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="sp2a_002"></A><B>ADDITIONAL INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>46.</B></TD><TD STYLE="text-align: justify"><B>How would a stock split or
                                            stock dividend affect my account?</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any shares resulting from
a stock split or stock dividend paid on shares held in custody for you by the Plan Agent of held by you in certificate form will be credited
to your book-entry position. Of course, you may request a certificate at any time for any or all of your shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>47.</B></TD><TD STYLE="text-align: justify"><B>How do I vote my Plan shares
                                            at shareholders&rsquo; meetings?</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a Plan participant, you
will be sent a Notice of Internet Availability of Proxy Materials with instructions on how to request hard copy materials, how to view
the Company&rsquo;s Proxy Statement and Annual Report online and how to vote your shares registered directly in your name. If the proxy
card is not returned or voted or it is returned unsigned, the shares will not be voted unless you or a duly appointed representative
votes in person at the Annual Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>48.</B></TD><TD STYLE="text-align: justify"><B>What about taxes?</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Plan Agent will send
a Form&nbsp;1099-DIV to Plan participants and the Internal Revenue Service after each year-end, reporting any dividend income received
during the year (which may consist of dividends and any applicable fees paid on behalf of the Plan participant). Shareholders who sell
shares through the Plan Agent will receive a Form&nbsp;1099-B and the same form sent to the Internal Revenue Service showing the total
proceeds of the transactions. For non-U.S. persons, the Plan Agent will send a Form&nbsp;1042-S and the Internal Revenue Service after
each year-end, reporting any dividend income received during the year. Shareholders should maintain their account statements sent by
the Plan Agent, which are helpful for record keeping and tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>49.</B></TD><TD STYLE="text-align: justify"><B>Can the Plan be changed or
                                            discontinued?</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">While the Company intends
at the present time to continue the Plan indefinitely, the Company reserves the right to amend, suspend, modify or terminate the Plan
at any time, including to the extent we determine reasonably necessary or desirable in order to comply with Regulation M under the Exchange
Act or any other applicable securities laws. Notice of any such amendment, suspension, modification or termination will be sent to all
Plan participants, except with respect to suspension as a result of Regulation M under the Exchange Act, we may effect such suspension
by way of notice to the Plan Agent. The Plan Agent reserves the right to resign at any time upon reasonable notice to the Company in
writing. The Company reserves the right to elect and appoint at any time a new agent including itself or its nominee to administer the
Plan. Upon termination of the Plan by the Company, the Company or the Plan Agent, as the case may be, will return any uninvested optional
cash payments and payroll deductions, issue a certificate for whole shares credited to each account under the Plan, and make a cash payment
for any fractional share credited to each account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt"><B>50.</B></FONT><B>&#8239;&#8239;<FONT STYLE="font-size: 10pt">Who
reserves the right to interpret the Plan?</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company reserves the
right to interpret the Plan as may be necessary or desirable in connection with the operation of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="sp2a_003"></A><B>LIMITATION OF LIABILITY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>IF YOU CHOOSE TO PARTICIPATE IN THE PLAN,
YOU SHOULD RECOGNIZE THAT NEITHER THE COMPANY NOR THE PLAN AGENT CAN ASSURE YOU OF A PROFIT OR PROTECT YOU AGAINST A LOSS ON THE SHARES
THAT YOU PURCHASE UNDER THE PLAN.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Neither the Company nor the
Plan Agent, in administering the Plan, will be liable for any act done in good faith or for any good faith omission to act, including
without limitation any claim of liability arising out of failure to terminate a participant&rsquo;s account upon such participant&rsquo;s
death or incompetence, the price at which shares are purchased or sold for the participant&rsquo;s account, the times when purchases
or sales are made, or fluctuations in the market value of Common Stock. This limitation of liability will not constitute a waiver by
any participant of his or her rights under the federal securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Although the Plan provides
for the reinvestment of dividends, the declaration and payment of dividends will continue to be determined by the Board of Directors
of the Company in its discretion, depending upon future earnings, the financial condition of the Company and other factors. The amount
and timing of dividends may be changed, or the payment of dividends terminated, at any time without notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="sp2a_004"></A>CERTAIN U.S. FEDERAL
INCOME TAX CONSEQUENCES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following summary describes
certain United States federal income tax consequences of participating in the Plan to U.S. participants (as defined below). This summary
is based on current law and regulations as of the date of this prospectus supplement. Future legislation, Treasury regulations, administrative
interpretations and practices and/or court decisions may adversely affect the tax considerations described in this prospectus supplement.
Any such change could apply retroactively to transactions preceding the date of the change. We have not requested and do not intend to
request a ruling from the Internal Revenue Service regarding the tax consequences associated with participating in the Plan, and the
statements in this prospectus supplement are not binding on the Internal Revenue Service or any court. Thus, we can provide no assurance
that the tax considerations contained in this summary will not be challenged by the Internal Revenue Service or will be sustained by
a court if challenged by the Internal Revenue Service.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This summary does not discuss
any state, local or foreign tax consequences associated with the participation in the Plan, or the ownership, sale or other disposition
of our stock. This summary deals only with holders who hold Common Stock as a &ldquo;capital asset&rdquo; (generally, property held for
investment within the meaning of Section&nbsp;1221 of the Internal Revenue Code of 1986, as amended). It does not address all the tax
consequences that may be relevant to you in light of your particular circumstances. In addition, it does not address the tax consequences
relevant to persons who receive special treatment under the federal income tax law, except where specifically noted. Holders receiving
special treatment include, without limitation:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">financial
                                            institutions, banks and thrifts;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">insurance
                                            companies;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">tax-exempt
                                            organizations;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">&ldquo;S&rdquo;
                                            corporations;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">regulated
                                            investment companies and real estate investment trusts;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">foreign
                                            corporations or partnerships, and persons who are not residents or citizens of the United
                                            States;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">dealers
                                            in securities or currencies;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">persons
                                            holding Common Stock as a hedge against currency risks or as a position in a straddle; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">United
                                            States persons whose functional currency is not the United States dollar.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If a partnership holds Common
Stock, the tax treatment of a partner in the partnership generally will depend upon the status of the partner and the activities of the
partnership. If you are a partner of a partnership holding Common Stock, you should consult your tax advisor regarding the tax consequences
of participating in the Plan and the ownership and disposition of Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If you are considering participating
in the Plan, you are strongly urged to consult your tax advisors concerning the application of United States federal income tax laws
to your particular situation, the consequences of your participation in the Plan, the ownership and disposition of Common Stock arising
under the laws of any state, local or foreign taxing jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>U.S. Participant</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">When we use the term &ldquo;U.S.
participant,&rdquo; we mean a participant in the Plan who, for United States federal income tax purposes is:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">a
                                            citizen or resident of the United States;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">a
                                            corporation, partnership, limited liability company or other entity created or organized
                                            in or under the laws of the United States or of any State thereof or in the District of Columbia
                                            unless, in the case of a partnership or limited liability company, Treasury regulations provide
                                            otherwise;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">an
                                            estate the income of which is subject to United States federal income taxation regardless
                                            of its source; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">a
                                            trust whose administration is subject to the primary supervision of a United States court
                                            and which has one or more United States persons who have the authority to control all substantial
                                            decisions of the trust. Notwithstanding the preceding sentence, to the extent provided in
                                            the Treasury regulations, certain trusts in existence on August&nbsp;20, 1996, and treated
                                            as United States persons prior to this date that elect to continue to be treated as United
                                            States persons, shall also be considered U.S. participants.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Tax Consequences of Dividend Reinvestment</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the case of Common Stock
purchased by the Plan Agent from us, U.S. participants in the Plan will be treated, for federal income tax purposes, as having received
a distribution equal to the fair market value, as of the investment date, of the Common Stock purchased with their reinvested dividends.
The discount, if any, will be treated as being part of the distribution received. Each participant will receive an annual statement from
the Plan Agent indicating the amount of reinvested dividends reported to the Internal Revenue Service as a distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the event the Plan Agent
purchases Common Stock in open market transactions or in negotiated transactions with third parties, however, we intend to take the position
that the amount of the distribution received by a U.S. participant is equal to the purchase price of such shares plus a pro rata share
of any brokerage trading fees or other related charges paid by us in connection with the Plan Agent&rsquo;s purchase of the Common Stock
on behalf of the U.S. participant. The Plan currently provides that we will pay brokerage trading fees for the purchase of Common Stock
in the open market or in negotiated transactions with third parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As in the case of non-reinvested
cash distributions, the distributions described above will constitute taxable dividend income to U.S. participants to the extent of our
current and accumulated earnings and profits allocable to the distributions. Any excess distributions will constitute a return of capital
which reduces the basis of the U.S. participant&rsquo;s Common Stock and will be taxed as capital gain to the extent that such distributions
exceed the U.S. participant&rsquo;s tax basis in the U.S. participant&rsquo;s Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A U.S. participant&rsquo;s
tax basis in the Common Stock acquired under the Plan will generally equal the total amount of distributions the U.S. participant is
treated as receiving, as described above. A U.S. participant&rsquo;s holding period in the Common Stock generally begins on the day following
the date on which the Common Stock are credited to the U.S. participant&rsquo;s Plan account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Tax Consequences of Optional Cash Payments</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Internal Revenue Service
has indicated through private letter rulings that U.S. participants participating in the dividend reinvestment part of the Plan and who
elect to purchase shares by optional cash payments or as an initial investment will be treated as having received a distribution equal
to the excess, if any, of the fair market value on the investment date of the Common Stock purchased over the amount of the cash payment
made by the U.S. participant. Also, if the Plan Agent acquires Common Stock in an open market transaction, then a U.S. participant will
be treated as receiving a distribution equal to a pro rata share of any brokerage trading fees or other related charges paid by us on
behalf of the U.S. participant. The Plan currently provides that we will pay brokerage trading fees for the purchase of Common Stock
in the open market or in negotiated transactions with third parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any distributions which the
U.S. participant is treated as receiving, including the discount, would be taxable dividend income, capital gain or reduce the basis
in the U.S. participant&rsquo;s Common Stock, or some combination of these treatments, under the rules&nbsp;described above under &ldquo;Tax
Consequences of Dividend Reinvestment.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Internal Revenue Service
has issued private letter rulings that state that a U.S. participant who participates solely in the cash purchase portion of a plan would
not be treated as having received a distribution of the discount amount and, therefore, would not realize any income upon purchase attributable
to the discount. Private letter rulings are only binding on the Internal Revenue Service with respect to the taxpayer to which the ruling
was issued. Therefore, there can be no assurance that the Internal Revenue Service would take this position with respect to transactions
occurring under the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The tax basis of the Common
Stock acquired by optional cash payments or as an initial investment will generally equal the total amount of distribution a U.S. participant
is treated as receiving, as described above, plus the amount of the cash payment. A U.S. participant&rsquo;s holding period for Common
Stock purchased under the Plan generally will begin on the day following the date on which the shares are credited to the U.S. participant&rsquo;s
Plan account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><B><I>Tax Consequences
of Dispositions</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A U.S. participant may realize
gain or loss when shares of Common Stock are sold or exchanged, whether the sale or exchange is made at the U.S. participant&rsquo;s
request upon withdrawal from the Plan or takes place after withdrawal from or termination of the Plan and, in the case of a fractional
share, when the U.S. participant receives a cash payment for a fraction of a share credited to his or her account. The amount of the
gain or loss will be the difference between the amount that the U.S. participant receives for the Common Stock or fraction of a share
and the tax basis the U.S. participant has for the Common Stock or fraction of a share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Backup Withholding and Administrative Expenses</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In general, any dividend
reinvested under the Plan is not subject to federal income tax withholding. We or the Plan Agent may be required to deduct as &ldquo;backup
withholding&rdquo; on all distributions paid to a stockholder, regardless of whether those distributions are reinvested. Similarly, the
Plan Agent may be required to deduct backup withholding from all proceeds of sales of Common Stock held in a Plan account. A U.S. participant
is subject to backup withholding if (1)&nbsp;the participant has failed to properly furnish us and the Plan Agent with the U.S. participant&rsquo;s
taxpayer identification number; (2)&nbsp;the Internal Revenue Service notifies us or the Plan Agent that the identification number furnished
by the participant is incorrect; (3)&nbsp;the Internal Revenue Service notifies us or the Plan Agent that backup withholding should be
commenced because the participant failed to report properly distributions paid to him, her or it; or (4)&nbsp;when required to do so,
the participant fails to certify, under penalties of perjury, that the participant is not subject to backup withholding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Backup withholding amounts
will be withheld from dividends before those dividends are reinvested under the Plan. Therefore, dividends to be reinvested under the
Plan by participants subject to backup withholding will be reduced by the backup withholding amount. The withheld amounts constitute
a credit on the participant&rsquo;s income tax return. We intend to take the position that administrative expenses of the Plan paid by
us are not constructive distributions to U.S. participants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="sp2a_005"></A>USE OF PROCEEDS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We intend to use the net
proceeds from the sale of the securities we may offer by this prospectus to fund our capital expenditures, to provide capital for our
growth strategy and to purchase and maintain plant equipment, as well as for working capital and other general corporate purposes. Our
management will have broad discretion in the use and allocation of net proceeds from the sale of any securities sold by us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="sp2a_006"></A><B>PLAN OF DISTRIBUTION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to the discussion
below, we will distribute newly issued shares of Common Stock sold under the Plan. The Plan Agent will assist in the administration of
the Plan, but will not be acting as an underwriter with respect to shares of Common Stock sold under the Plan. You will pay no service
fees or brokerage trading fees for acquisitions of shares under the Plan, whether the shares are newly issued or purchased in the open
market. The Common Stock is currently listed on the Nasdaq Global Select Market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with the administration
of the Plan, we may be requested to approve investments made pursuant to requests for waiver by or on behalf of existing stockholders
and new investors who may be engaged in the securities business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Persons who acquire shares
of Common Stock through the Plan and resell them shortly after acquiring them, including coverage of short positions, under certain circumstances,
may be participating in a distribution of securities that would require compliance with Regulation M under the Exchange Act, and may
be considered to be underwriters within the meaning of the Securities Act. We will not extend to any such person any rights or privileges
other than to which he, she or it would be entitled as a participant, nor will we enter into any agreement with any such person regarding
the resale or distribution by any such person of the shares of Common Stock so purchased. We may, however, accept optional cash payments
and initial investments made pursuant to requests for waiver by such persons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">From time to time, financial
intermediaries, including brokers and dealers, and other persons may engage in transactions primarily to benefit from any discount from
the market price for shares acquired under the Plan. Those transactions may cause fluctuations in the trading volume of Common Stock.
Financial intermediaries and such other persons who engage in positioning transactions may be deemed to be underwriters. We have no arrangements
or understandings, formal or informal, with any person relating to the sale of shares of Common Stock to be received under the Plan.
We reserve the right to modify, suspend or terminate participation in the Plan by otherwise eligible persons to eliminate practices that
are inconsistent with the purposes of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="sp2a_007"></A><B>LEGAL MATTERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The validity of the securities
being offered by this prospectus supplement will be passed upon by Jay L. Kooper, Vice President, General Counsel and Secretary, Middlesex
Water Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="sp2a_008"></A>EXPERTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The consolidated financial
statements incorporated in this prospectus supplement by reference to the <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/66004/000117494722000283/msex10k2021.htm" STYLE="-sec-extract: exhibit">Annual
Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2021</A>, and the effectiveness of our internal control over financial
reporting have been audited by Baker Tilly US, LLP, an independent registered public accounting firm, as stated in their report, which
is incorporated herein by reference. Such consolidated financial statements have been so incorporated in reliance on the report of Baker
Tilly US, LLP, an independent registered public accounting firm, given on their authority as experts in auditing and accounting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="sp2a_009"></A>INDEMNIFICATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company&rsquo;s By-Laws
provide for indemnification of officers, directors and employees of the Company in certain circumstances for certain liabilities and
expenses. Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons
controlling the Company pursuant to the foregoing provisions, the Company has been informed that in the opinion of the SEC such indemnification
is against public policy as expressed in the Securities Act, and is therefore unenforceable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border: Black 1pt solid"><B>THIS PROSPECTUS SUPPLEMENT
SHOULD BE RETAINED BY PLAN <BR>
PARTICIPANTS FOR FUTURE REFERENCE.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B><IMG SRC="image_002.jpg" ALT="" STYLE="height: 88px; width: 194px"></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Middlesex Water Company</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Common Stock</B></P>

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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">From time to time, we may
offer, issue and sell shares of our Common Stock in one or more offerings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus provides
a general description of the securities we may offer. When we offer securities, we will provide specific terms of the securities offered
in a supplement to this prospectus. We may also authorize one or more free writing prospectuses to be provided to you in connection with
these offerings. The prospectus supplement and any related free writing prospectus may also add, update or change information contained
in this prospectus. You should carefully read this prospectus, the applicable prospectus supplement and any related free writing prospectus,
as well as any documents incorporated by reference, before you invest in any of the securities being offered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Common Stock is traded
on The NASDAQ Global Select Market under the symbol &ldquo;MSEX&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may offer and sell our
securities to or through one or more agents, underwriters, dealers or other third parties or directly to one or more purchasers on a
continuous or delayed basis or through a combination of such methods. See &ldquo;Plan of Distribution&rdquo; on page&nbsp;11. If agents,
underwriters or dealers are used to sell our securities, we will name them and describe their compensation in a prospectus supplement.
If any underwriters, dealers or agents are involved in the sale of any of the securities, their names, and any applicable purchase price,
fee, commission or discount arrangements between or among them, will be set forth, or will be calculable from the information set forth,
in the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Investing in our securities
involves certain risks. You should review carefully the risks and uncertainties referenced under the heading &ldquo;Risk Factors&rdquo;
on page&nbsp;4 of this prospectus as well as those contained in the applicable prospectus supplement and any related free writing prospectus,
and in the other documents that are incorporated by reference into this prospectus or the applicable prospectus supplement.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>NEITHER THE SECURITIES
AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR DETERMINED IF THIS PROSPECTUS
IS TRUTHFUL OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The date of this prospectus is August&nbsp;3,
2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">TABLE OF CONTENTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 90%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page<SUP></SUP></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#sp2a_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ABOUT THIS PROSPECTUS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#sp2a_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#sp2a_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">COMPANY OVERVIEW</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#sp2a_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#sp2a_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RISK FACTORS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#sp2a_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#sp2a_013"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CAUTIONARY STATEMENT REGARDING
    FORWARD-LOOKING STATEMENTS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#sp2a_013"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#sp2a_014"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">USE OF PROCEEDS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#sp2a_014"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#sp2a_015"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION OF OUR CAPITAL STOCK</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#sp2a_015"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#sp2a_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PLAN OF DISTRIBUTION</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#sp2a_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#sp2a_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LEGAL MATTERS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#sp2a_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#sp2a_018"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXPERTS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#sp2a_018">15</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#sp2a_019"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHERE YOU CAN FIND ADDITIONAL INFORMATION</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#sp2a_019"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#sp2a_020"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INCORPORATION OF CERTAIN INFORMATION
    BY REFERENCE</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#sp2a_020"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></A></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are responsible for the
information contained and incorporated by reference in this prospectus, in any accompanying prospectus supplement, and in any related
free writing prospectus we prepare or authorize. We have not authorized anyone to give you any other information, and we take no responsibility
for any other information that others may give you. If you are in a jurisdiction where offers to sell, or solicitations of offers to
purchase, the securities offered by this documentation are unlawful, or if you are a person to whom it is unlawful to direct these types
of activities, then the offer presented in this document does not extend to you. The information contained in this document speaks only
as of the date of this document, unless the information specifically indicates that another date applies. Neither the delivery of this
prospectus or any accompanying prospectus supplement, nor any sale of securities made under these documents, will, under any circumstances,
create any implication that there has been no change in our affairs since the date of this prospectus, any accompanying prospectus supplement
or any free writing prospectus we may provide you in connection with an offering or that the information contained or incorporated by
reference is correct as of any time subsequent to the date of such information. You should assume that the information in this prospectus
or any accompanying prospectus supplement, as well as the information incorporated by reference in this prospectus or any accompanying
prospectus supplement, is accurate only as of the date of the documents containing the information, unless the information specifically
indicates that another date applies. Our business, financial condition, results of operations and prospects may have changed since those
dates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="sp2a_010"></A>ABOUT THIS PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus is part of
a registration statement on Form&nbsp;S-3 that we filed with the U.S. Securities and Exchange Commission (&ldquo;SEC&rdquo;) using the
 &ldquo;shelf&rdquo; registration process. Under the shelf registration process, we may from time to time sell the securities described
in this prospectus in one or more offerings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus provides
you with a general description of the securities we may offer. Each time we sell securities under this prospectus in a manner not described
herein, we will provide you with a prospectus supplement that will contain specific information about the terms of the securities offered
and the offering and the means of distribution. A prospectus supplement may include other special considerations applicable to such offering
of securities. The prospectus supplement may also add, update or change information in this prospectus. If there is any inconsistency
between the information in this prospectus and any prospectus supplement, you should rely on the information in the prospectus supplement.
We urge you to carefully read this prospectus, the applicable prospectus supplement and any free writing prospectus relating to the specific
issue of securities, together with the information described under the headings &ldquo;Where You Can Find Additional Information&rdquo;
and &ldquo;Incorporation of Certain Information by Reference&rdquo; before you invest in our securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The prospectus supplement
will describe: the terms of the securities offered, any initial public offering price, the price paid to us for the securities, the net
proceeds to us, the manner of distribution and any underwriting compensation and the other specific material terms related to the offering
of the applicable securities. For more detail on the terms of the securities, you should read the exhibits filed with or incorporated
by reference in our registration statement of which this prospectus forms a part. References to &ldquo;securities&rdquo; include any
security that we might sell under this prospectus or any prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus contains
summaries of certain provisions of certain documents described herein, but reference is made to the actual documents for complete information.
All of the summaries are qualified in their entirety by the actual documents. Copies of some of the documents referred to herein have
been filed, will be filed or will be incorporated by reference as exhibits to the registration statement of which this prospectus is
a part, and you may obtain copies of those documents as described below under the heading &ldquo;Where You Can Find Additional Information&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="sp2a_011"></A>COMPANY OVERVIEW</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Middlesex Water Company,
incorporated in 1897, owns and operates regulated water utility and wastewater systems in New Jersey and Delaware. We define these activities
as Regulated Operations. We also operate water and wastewater systems under contract on behalf of municipal and private clients, primarily
in New Jersey and Delaware. We define these activities as Non-Regulated Operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The terms &ldquo;the Company,&rdquo;
 &ldquo;we,&rdquo; &ldquo;our,&rdquo; and &ldquo;us&rdquo; refer to Middlesex Water Company and its subsidiaries, including Tidewater
Utilities,&nbsp;Inc. (&ldquo;Tidewater&rdquo;) and Tidewater&rsquo;s wholly-owned subsidiaries, Southern Shores Water Company, LLC (&ldquo;Southern
Shores&rdquo;) and White Marsh Environmental Systems,&nbsp;Inc. (&ldquo;White Marsh&rdquo;), Pinelands Water Company (&ldquo;Pinelands
Water&rdquo;) and Pinelands Wastewater Company (&ldquo;Pinelands Wastewater&rdquo;), Utility Service Affiliates,&nbsp;Inc. (&ldquo;USA&rdquo;)
and Utility Service Affiliates (Perth Amboy) Inc. (&ldquo;USA-PA&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company&rsquo;s principal
executive offices are located at 485C Route 1 South, Suite&nbsp;400,&nbsp;Iselin, New Jersey 08830. Our telephone number is (732) 634-1500.
Our website address is <FONT STYLE="color: Black"><U>http://www.middlesexwater.com</U></FONT>. <B>Except as expressly stated herein,
no information contained in, or that can be accessed through, our website is incorporated by reference into this prospectus, and no such
information should be considered a part of this prospectus. </B>We make available, free of charge through our website, reports and amendments
filed or furnished pursuant to Section&nbsp;13(a)&nbsp;or 15(d)&nbsp;of the Securities Exchange Act of 1934, as amended (&ldquo;Exchange
Act&rdquo;) after such material is electronically filed with or furnished to the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>REGULATED OPERATIONS</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>New Jersey</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Middlesex System provides
water services to approximately 61,000 retail customers, primarily in eastern Middlesex County, New Jersey and under wholesale contracts
to the City of Rahway, Townships of Edison and Marlboro, the Borough of Highland Park and the Old Bridge Municipal Utilities Authority.
The Middlesex System treats, stores and distributes water for residential, commercial, industrial and fire protection purposes. The Middlesex
System also provides water treatment and pumping services to the Township of East Brunswick under contract. The amount of water supply
allocated to the Township of East Brunswick is granted directly to the Township by the New Jersey Water Supply Authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Middlesex System&rsquo;s
retail customers are located in an area of approximately 55 square miles in Woodbridge Township, the City of South Amboy, the Boroughs
of Metuchen and Carteret, portions of the Township of Edison and the Borough of South Plainfield, all in Middlesex County and a portion
of the Township of Clark in Union County. Retail customers include a mix of residential customers, large industrial concerns and commercial
and light industrial facilities. These customers are located in generally well-developed areas of central New Jersey.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The contract customers of
the Middlesex System comprise an area of approximately 110 square miles with a population of over 200,000. Contract sales to the Townships
of Edison and Marlboro, the City of Rahway and the Old Bridge Municipal Utilities Authority are supplemental to the water systems owned
and operated by these customers. Middlesex is the sole source of water for the Borough of Highland Park and the Township of East Brunswick.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Middlesex provides water
service to customers in Cumberland County, New Jersey. This system is referred to as Bayview, and is not physically interconnected with
the Middlesex System.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Pinelands
Water and Pinelands Wastewater provide water and wastewater services to customers in Southampton Township, New Jersey.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Delaware</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Tidewater, together with
its wholly-owned subsidiary, Southern Shores, provides water services to approximately 56,000 retail customers for residential, commercial
and fire protection purposes in approximately 450 separate communities in New Castle, Kent and Sussex Counties, Delaware.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>NON-REGULATED OPERATIONS</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">USA-PA
operates and manages the water supply system and wastewater system for the City of Perth Amboy, New Jersey.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">USA operates the Borough
of Avalon, New Jersey&rsquo;s water utility, sewer utility and storm water system and the Borough of Highland Park, New Jersey&rsquo;s
water utility and sewer utility system under operations and maintenance contracts. Under a marketing agreement with HomeServe USA, USA
offers residential customers in New Jersey and Delaware a menu of water and wastewater related home maintenance programs. USA also provides
unregulated water and wastewater services under contract with several other smaller New Jersey municipalities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">White Marsh operates or maintains
water and/or wastewater systems under 35 separate contracts, primarily in Delaware.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="sp2a_012"></A>RISK FACTORS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Investing in our securities
involves certain risks. You should carefully consider the risks and uncertainties described in the documents incorporated by reference
in this prospectus and any prospectus supplement, as well as other information we include or incorporate by reference into this prospectus
and any applicable prospectus supplement, before making an investment decision. Our business, financial condition or results of operations
could be materially adversely affected by any of these risks. The trading price of our securities could decline due to the materialization
of any of these risks, and you may lose all or part of your investment. This prospectus and the documents incorporated herein by reference
also contain forward-looking statements that involve risks and uncertainties. Actual results could differ materially from those anticipated
in these forward-looking statements as a result of certain factors, including the risks described under the headings &ldquo;Risk Factors&rdquo;
in the documents incorporated herein by reference, including in our <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/66004/000117494722000283/msex10k2021.htm" STYLE="-sec-extract: exhibit">Annual
Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2021</A>, in any applicable prospectus supplement and any risk factors
set forth in our other filings with the SEC pursuant to Sections 13(a), 13(c), 14 or 15(d)&nbsp;of the Exchange Act, including our Annual
Reports on Form&nbsp;10-K, Quarterly Reports on Form&nbsp;10-Q and our Current Reports on Form&nbsp;8-K, before making an investment
decision. The risks and uncertainties we have described are not the only ones facing the Company. Additional risks and uncertainties
not presently known to us or that we currently consider immaterial may also affect our business operations. To the extent a particular
offering implicates additional risks, we will include a discussion of those risks in the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="sp2a_013"></A>CAUTIONARY STATEMENT
REGARDING FORWARD-LOOKING STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus, including
the documents that we incorporate by reference, contains forward-looking statements within the meaning of Section&nbsp;27A of the Securities
Act and Section&nbsp;21E of the Exchange Act. Any statements about our expectations, beliefs, plans, objectives, assumptions or future
events or performance are not historical facts and may be forward-looking. These statements are often, but are not always, made through
the use of words or phrases such as &ldquo;anticipate,&rdquo; &ldquo;believe,&rdquo; &ldquo;contemplate,&rdquo; &ldquo;continue,&rdquo;
 &ldquo;could,&rdquo; &ldquo;estimate,&rdquo; &ldquo;expect,&rdquo; &ldquo;intend,&rdquo; &ldquo;may,&rdquo; &ldquo;plan,&rdquo; &ldquo;potential,&rdquo;
 &ldquo;predict,&rdquo; &ldquo;project,&rdquo; &ldquo;seek,&rdquo; &ldquo;should,&rdquo; &ldquo;target,&rdquo; &ldquo;will,&rdquo; &ldquo;would,&rdquo;
or the negative of these words or other comparable terminology. Accordingly, these statements involve estimates, assumptions and uncertainties
which could cause actual results to differ materially from those expressed in them. Any forward-looking statements are qualified in their
entirety by reference to the factors discussed throughout this prospectus, and in particular those factors referenced in the section
 &ldquo;Risk Factors.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus, including
the sections entitled &ldquo;About this Prospectus&rdquo; and &ldquo;Risk Factors,&rdquo; contains forward-looking statements that are
based on our management&rsquo;s belief and assumptions and on information currently available to our management. These statements relate
to future events or our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause
our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity,
performance or achievements expressed or implied by these forward-looking statements. Forward-looking statements include, but are not
limited to, statements about:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify">expected financial condition, performance,
                                            prospects and earnings of the Company;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify">strategic plans for growth;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify">the amount and timing of rate increases
                                            and other regulatory matters, including the recovery of certain costs recorded as regulatory
                                            assets;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify">the Company&rsquo;s expected liquidity
                                            needs during the upcoming fiscal year and beyond and the sources and availability of funds
                                            to meet its liquidity needs;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify">expected customer rates, consumption volumes,
                                            service fees, revenues, margins, expenses and operating results;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify">financial projections;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify">the expected amount of cash contributions
                                            to fund the Company&rsquo;s retirement benefit plans, anticipated discount rates and rates
                                            of return on plan assets;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify">the ability of the Company to pay dividends;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify">the Company&rsquo;s compliance with environmental
                                            laws and regulations and estimations of the materiality of any related costs;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify">the safety and reliability of the Company&rsquo;s
                                            equipment, facilities and operations;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify">the Company&rsquo;s plans to renew municipal
                                            franchises and consents in the territories it serves;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify">trends; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify">the availability and quality of our water
                                            supply.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">These forward-looking statements
are neither promises nor guarantees of future performance due to a variety of risks and uncertainties, many of which are beyond our control,
which could cause actual results to differ materially from those indicated by these forward-looking statements, as well as those risks
more fully discussed in the &ldquo;Risk Factors&rdquo; section in this prospectus, the section of any accompanying prospectus supplement
entitled &ldquo;Risk Factors&rdquo; and the risk factors and cautionary statements described in other documents that we file from time
to time with the SEC, specifically under &ldquo;Item 1A: Risk Factors&rdquo; and elsewhere in our most recent <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/66004/000117494722000283/msex10k2021.htm" STYLE="-sec-extract: exhibit">Annual
Report on Form&nbsp;10-K for the period ended December&nbsp;31, 2021</A>, our Quarterly Reports on Form&nbsp;10-Q and our Current Reports
on Form&nbsp;8-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Given these uncertainties,
readers should not place undue reliance on our forward-looking statements. These forward-looking statements speak only as of the date
on which the statements were made and are not guarantees of future performance. Except as may be required by applicable law, we do not
undertake to update any forward-looking statements after the date of this prospectus or the respective dates of documents incorporated
by reference herein or therein that include forward-looking statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="sp2a_014"></A>USE OF PROCEEDS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless we otherwise specify
in the applicable prospectus supplement, we intend to use the net proceeds from the sale of the securities we may offer by this prospectus
to fund our capital expenditures, to provide capital for our growth strategy and to purchase and maintain plant equipment, as well as
for working capital and other general corporate purposes. Our management will have broad discretion in the use and allocation of net
proceeds from the sale of any securities sold by us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="sp2a_015"></A><B>DESCRIPTION OF OUR CAPITAL
STOCK</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>General</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following description
of certain terms of our capital stock does not purport to be complete and is subject to, and qualified in its entirety by reference to,
our restated certificate of incorporation, as amended, our by-laws as amended, and the applicable provisions of the New Jersey Business
Corporation Act. Our restated certificate of incorporation, as amended, and a copy of our by-laws, as amended, are incorporated by reference
as exhibits to the registration statement of which this prospectus forms a part. We encourage you to read our restated certificate of
incorporation, as amended, and our by-laws, as amended, in their entirety.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of June&nbsp;30, 2022,
our authorized capital stock consists of 40,000,000 shares of Common Stock, no par value; 120,357 shares of Preferred Stock, no par value;
and 100,000 shares of Preference Stock, no par value. As of June&nbsp;30, 2022, 17,604,122 shares of Common Stock, 20,357 shares of Preferred
Stock and no shares of the Preference Stock were outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The authorized Preferred
Stock is comprised of three designated series: &ldquo;$7 Series&nbsp;Cumulative Preferred Stock&rdquo;, &ldquo;$4.75 Series&nbsp;Cumulative
Preferred Stock&rdquo; and &ldquo;$7 Cumulative and Convertible Preferred Stock&rdquo;, and undesignated shares. The Board of Directors
is authorized to determine and designate the rights, preferences and privileges of the 100,000 shares of undesignated Preferred Stock
and the 100,000 shares of Preference Stock from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Dividend Rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Holders of outstanding shares
of Preferred Stock have a preferred right to payment of cash dividends, before payment of dividends on Common Stock, at the following
per annum rates: $7 Series&nbsp;Cumulative Preferred Stock at the rate of $7.00 per share, $4.75 Series&nbsp;Cumulative Preferred Stock
at the rate of $4.75 per share and $7 Cumulative and Convertible Preferred Stock at the rate of $7.00 per share. Dividend preferences
among all these series are <I>pari passu</I> with one another.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Whenever all cumulative dividends
have been paid on outstanding Preferred Stock and the Preference Stock outstanding, the Board of Directors may declare and pay dividends
on the outstanding Common Stock out of legally available funds. The Company&rsquo;s outstanding mortgage indenture limits payments for
cash dividends and share repurchases, but only if the aggregate amount of all payments of cash dividends and share repurchases actually
paid from and after December&nbsp;31, 1972 exceeds the aggregate of all consolidated net income of the Company for the same period by
at least $1 million. This limitation has had no impact on payment of dividends or share repurchases since 1972.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Voting Rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Every holder of Common Stock
is entitled to one vote for each share held of record. Our Board of Directors is divided into three classes of directors, serving staggered
three-year terms. A classified board has the effect of increasing the time required to effect a change in control of the board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">No
holder of Preferred Stock or Preference Stock has any right to vote for the election of directors or, except as otherwise required by
law, for any other purpose. However, if and whenever dividends on the outstanding Preferred Stock are in arrears in an amount equal to
at least four quarterly dividends, the holders of the outstanding Preferred Stock of all series, voting as a class, are entitled, until
all dividends in arrears are paid, to elect two members to the Board of Directors, which two members shall be in addition to the directors
elected by the holders of the Common Stock. If and whenever dividends on any outstanding Preference Stock are in arrears in an amount
equal to at least four quarterly dividends, the holders of such outstanding Preference Stock of all series, voting as a class, are entitled,
until all dividends in arrears are paid, to elect two members to the Board of Directors, in addition to the members elected by the holders
of the Common Stock and any elected by the holders of the Preferred Stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Liquidation Rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Holders of Common Stock are
entitled to share on a pro rata basis, subject to the preferred rights of holders of Preferred Stock and Preference Stock (as outlined
below), in the assets of the Company legally available for distribution to shareholders in the event of the Company&rsquo;s liquidation,
dissolution or winding up.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Preferred Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of June&nbsp;30, 2022,
our restated certificate of incorporation, as amended, authorized the issuance of 120,357 shares of Preferred Stock of which 20,357 shares
were outstanding as of June&nbsp;30, 2022, in several series as described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>$7 Series&nbsp;Cumulative
Preferred Stock.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There were 784 shares of
this series issued and outstanding at June&nbsp;30, 2022. The holders of shares in this series have a liquidation preference in the amount
of $100 per share. Shares of this series may not be converted into shares of any other class or series, and are not subject to redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>$4.75 Series&nbsp;Cumulative
Preferred Stock</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There were 10,000 shares
of this series issued and outstanding at June&nbsp;30, 2022. The holders of shares in this series have a liquidation preference in the
amount of the redemption price for such shares in effect at the time in the event of a voluntary liquidation, and $100 per share plus
accumulated and unpaid dividends thereon in the event of an involuntary liquidation. The Company may redeem shares of this series in
any calendar year at a price of $100 per share plus accumulated and unpaid dividends thereon. Shares of this series may not be converted
into shares of any other class or series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>$7 Cumulative and Convertible
Preferred Stock.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There were 9,573 shares of
this series issued and outstanding at June&nbsp;30, 2022. The shares have a liquidation preference in the amount of the redemption price
for such shares in effect at the time in the event of a voluntary liquidation, and $100 per share in the event of an involuntary liquidation
plus accrued and unpaid dividends. Each share is convertible into Common Stock at the option of the holder at a conversion rate of 12
shares of Common Stock for each share of this series converted. The Company may redeem up to 10% of the outstanding shares of this series
in any calendar year at a price equal to the fair value of three shares of Common Stock for each share of this series redeemed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Preference Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No shares of authorized Preference
Stock are issued and outstanding. The Board of Directors has the power to divide authorized Preference Stock in one more series, and
to designate for each series the rights, preferences and conditions of each series as to matters such as dividend rates, liquidation
preference voting rights, conversion and redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There were 40,000,000 shares
of Common Stock authorized, and 17,604,122 shares of Common Stock issued and outstanding, as of June&nbsp;30, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The prospectus supplement
relating to any Common Stock being offered will include specific terms relating to the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Restriction on Acquisitions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As a New Jersey corporation, we are a subject
to New Jersey&rsquo;s Shareholder Protection Act (the &ldquo;Shareholder Protection Act&rdquo;). The Shareholder Protection Act bars
any &ldquo;business combination&rdquo; as defined in that Act (generally, a merger or other acquisition transaction) with any person
or affiliate of a person who owns 10% or more of the outstanding voting stock for a period of five years after such person first owns
10% or more the voting shares, unless the &ldquo;business combination&rdquo; both is approved by the Board of Directors prior to the
time that person acquires 10% or more of our voting stock and meets certain other statutory criteria.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Stock Exchange Listing</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Common Stock is listed
on the NASDAQ Global Select Market. The trading symbol for our Common Stock is &ldquo;MSEX.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Transfer Agent and Registrar</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The transfer agent and registrar
for our Common Stock is Broadridge Corporate Issuer Solutions,&nbsp;Inc. The transfer agent and registrar&rsquo;s address is P.O.&nbsp;Box
1342, Brentwood, New York 11717.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Indemnification</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our restated certificate
of incorporation, as amended, and our by-laws, as amended, provide that we shall indemnify our directors and officers to the fullest
extent permitted by law. These agreements will, among other things, indemnify these individuals for certain expenses (including attorneys&rsquo;
fees), judgments, fines and settlement amounts reasonably incurred by such person in any action or proceeding, including any action by
or in our right, on account of any services undertaken by such person on behalf of us or that person&rsquo;s status as a member of our
Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="sp2a_016"></A>PLAN OF DISTRIBUTION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may offer and sell the
securities covered by this prospectus from time to time, in one or more transactions, at market prices prevailing at the time of sale,
at prices related to market prices, at a fixed price or prices subject to change, at varying prices determined at the time of sale or
at negotiated prices, by a variety of methods, including the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">through
                                            agents;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">to
                                            or through underwriters;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">in
                                            &ldquo;at the market offerings,&rdquo; within the meaning of Rule&nbsp;415(a)(4)&nbsp;under
                                            the Securities Act, to or through a market maker or into an existing trading market, on an
                                            exchange or otherwise;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">through
                                            brokers or dealers;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">directly
                                            by us to purchasers, including through a specific bidding, auction or other process; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">through
                                            a combination of any of these methods of sale.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Registration of the securities
covered by this prospectus does not mean that those securities necessarily will be offered or sold.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In effecting sales, brokers
or dealers engaged by us may arrange for other brokers or dealers to participate. Broker-dealer transactions may include, without limitation:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">purchases
                                            of the securities by a broker-dealer as principal;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">ordinary
                                            brokerage transactions; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">transactions
                                            in which the broker-dealer solicits purchasers.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may sell offered securities
through agents designated by us from time to time. Any agent in the offer or sale of the securities for which this prospectus is delivered
will be named, and any commissions payable by us to that agent will be set forth, in the applicable prospectus supplement. Unless indicated
in such prospectus supplement, the agents will have agreed to use their reasonable best efforts to solicit purchases for the period of
their appointment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with the sale
of securities covered by this prospectus, broker-dealers may receive commissions or other compensation from us in the form of commissions,
discounts or concessions. Broker-dealers may also receive compensation from purchasers of the securities for whom they act as agents
or to whom they sell as principals or both. Compensation as to a particular broker-dealer may be in excess of customary commissions or
in amounts to be negotiated. In connection with any underwritten offering, underwriters may receive compensation in the form of discounts,
concessions or commissions from us or from purchasers of the securities for whom they act as agents. Underwriters may sell the securities
to or through dealers, and such dealers may receive compensation in the form of discounts, concessions or commissions from the underwriters
and/or commissions from the purchasers for whom they may act as agents. Any underwriters, broker-dealers agents or other persons acting
on our behalf that participate in the distribution of the securities may be deemed to be &ldquo;underwriters&rdquo; within the meaning
of the Securities Act, and any profit on the sale of the securities by them and any discounts, commissions or concessions received by
any of those underwriters, broker-dealers agents or other persons may be deemed to be underwriting discounts and commissions under the
Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">At any time a particular
offer of the securities covered by this prospectus is made, a revised prospectus or prospectus supplement, if required, will be distributed
which will set forth the aggregate amount of securities covered by this prospectus being offered and the terms of the offering, including
the name or names of any underwriters, dealers, brokers or agents, any discounts, commissions, concessions and other items constituting
compensation from us, any discounts, commissions or concessions allowed or reallowed or paid to dealers, and will identify the exchange,
if any, where such securities will be listed. Such prospectus supplement, and, if necessary, a post-effective amendment to the registration
statement of which this prospectus forms a part, will be filed with the SEC to reflect the disclosure of additional information with
respect to the distribution of the securities covered by this prospectus. In order to comply with the securities laws of certain states,
if applicable, the securities sold under this prospectus may only be sold through registered or licensed broker-dealers. In addition,
in some states the securities may not be sold unless they have been registered or qualified for sale in the applicable state or an exemption
from registration or qualification requirements is available and is satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with an underwritten
offering, we would execute an underwriting agreement with an underwriter or underwriters. Unless otherwise indicated in the revised prospectus
or applicable prospectus supplement, such underwriting agreement would provide that the obligations of the underwriter or underwriters
are subject to certain conditions precedent, and that the underwriter or underwriters with respect to a sale of the covered securities
will be obligated to purchase all of the covered securities, if any such securities are purchased. We may grant to the underwriter or
underwriters an option to purchase additional securities at the public offering price, less any underwriting discount, as may be set
forth in the revised prospectus or applicable prospectus supplement. If we grant any such option, the terms of that option will be set
forth in the revised prospectus or applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To the extent that we make
sales through one or more underwriters or agents in at the market offerings, we will do so pursuant to the terms of a sales agency financing
agreement or other at the market offering arrangement between us and the underwriters or agents. If we engage in at the market sales
pursuant to any such agreement, we will issue and sell our securities through one or more underwriters or agents, which may act on an
agency basis or on a principal basis. During the term of any such agreement, we may sell securities on a daily basis in exchange transactions
or otherwise as we agree with the underwriters or agents. The agreement will provide that any securities sold will be sold at prices
related to the then prevailing market prices for our securities. Therefore, exact figures regarding proceeds that will be raised or commissions
to be paid cannot be determined as of the date of this prospectus. Pursuant to the terms of the agreement, we may agree to sell, and
the relevant underwriters or agents may agree to solicit offers to purchase, blocks of our Common Stock. The terms of each such agreement
will be set forth in more detail in a prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Underwriters, agents, brokers
or dealers may be entitled, pursuant to relevant agreements entered into with us, to indemnification by us against certain civil liabilities,
including liabilities under the Securities Act that may arise from any untrue statement or alleged untrue statement of a material fact,
or any omission or alleged omission to state a material fact in this prospectus, any supplement or amendment hereto, or in the registration
statement of which this prospectus forms a part, or to contribution with respect to payments which the underwriters, agents, brokers
or dealers may be required to make.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="sp2a_017"></A>LEGAL MATTERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The validity of the securities
being offered by this prospectus will be passed upon by Jay L. Kooper, Vice President, General Counsel and Secretary, Middlesex Water
Company. Additional legal matters may be passed upon for us or any underwriters, dealers or agents, by counsel that we will name in the
applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="sp2a_018"></A><B>EXPERTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The consolidated financial
statements incorporated in this prospectus by reference to the <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/66004/000117494722000283/msex10k2021.htm" STYLE="-sec-extract: exhibit">Annual
Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2021</A>, and the effectiveness of our internal control over financial
reporting have been audited by Baker Tilly US, LLP, an independent registered public accounting firm, as stated in their report, which
is incorporated herein by reference. Such consolidated financial statements have been so incorporated in reliance on the report of Baker
Tilly US, LLP, an independent registered public accounting firm, given on their authority as experts in auditing and accounting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="sp2a_019"></A>WHERE YOU CAN FIND ADDITIONAL
INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus is part of
a registration statement that we have filed with the SEC. Certain information in the registration statement has been omitted from this
prospectus in accordance with the rules&nbsp;of the SEC. We are subject to the information requirements of the Exchange Act, and, in
accordance therewith, file annual, quarterly and special reports, proxy statements and other information with the SEC. You may read and
copy any document we file at the SEC&rsquo;s Public Reference Room at 100 F Street, N.E., Washington, D.C., 20549. You may call the SEC
at 1-800-SEC-0330 for further information on the operation of the Public Reference Room.&nbsp;These documents also may be accessed through
the SEC&rsquo;s Electronic Data Gathering, Analysis and Retrieval system, or EDGAR, via electronic means, including the SEC&rsquo;s home
page&nbsp;on the Internet (www.sec.gov).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have the authority to
designate and issue more than one class or series of stock having various preferences, conversion and other rights, voting powers, restrictions,
limitations as to dividends, qualifications and terms and conditions of redemption. We will furnish a full statement of the relative
rights and preferences of each class or series of our stock which has been so designated and any restrictions on the ownership or transfer
of our stock to any stockholder upon request and without charge. Written requests for such copies should be directed to the Secretary
at 485C Route 1 South, Suite&nbsp;400,&nbsp;Iselin, NJ 08830, 732-634-1500. You may also find these documents in the &ldquo;Investors&rdquo;
section of our website, <FONT STYLE="color: Black"><U>www.middlesexwater.com</U></FONT>. <B>Except as expressly stated herein, no information
contained in, or that can be accessed through, our website is incorporated by reference into this prospectus, and no such information
should be considered a part of this prospectus.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="sp2a_020"></A>INCORPORATION OF CERTAIN
INFORMATION BY REFERENCE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The SEC allows us to incorporate
by reference the information and reports we file with it, which means that we can disclose important information to you by referring
you to these documents. The information incorporated by reference is an important part of this prospectus, and information that we file
after the date hereof with the SEC will automatically update and supersede the information already incorporated by reference. We are
incorporating by reference the documents listed below, which we have already filed with the SEC, and any future filings we make with
the SEC under Sections 13(a), 13(c), 14 or 15(d)&nbsp;of the Exchange Act, except as to any portion of any future report or document
that is not deemed filed under such provisions, after the date of this prospectus and prior to the termination of this offering:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/66004/000117494722000283/msex10k2021.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></A></TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/66004/000117494722000283/msex10k2021.htm" STYLE="-sec-extract: exhibit">Annual
                                            Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2021, as filed with the SEC
                                            on February&nbsp;25, 2022;</A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">The
                                            portions of our <A HREF="https://www.sec.gov/Archives/edgar/data/66004/000117494722000510/def14a-27689_msx.htm" STYLE="-sec-extract: exhibit">Definitive
                                            Proxy Statement on Schedule 14A filed with the SEC on April&nbsp;8, 2022</A>, that are incorporated
                                            by reference into our <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/66004/000117494722000283/msex10k2021.htm" STYLE="-sec-extract: exhibit">Annual
                                            Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2021</A>;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/66004/000117494722000576/msex10q0322.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></A></TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/66004/000117494722000576/msex10q0322.htm" STYLE="-sec-extract: exhibit">Quarterly
                                            Report on Form&nbsp;10-Q for the quarter ended March&nbsp;31, 2022, filed on April&nbsp;29,
                                            2022;</A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/66004/000117494722000866/msex10q0622.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></A></TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/66004/000117494722000866/msex10q0622.htm" STYLE="-sec-extract: exhibit">Quarterly
                                            Report on Form&nbsp;10-Q for the quarter and six-months ended June&nbsp;30, 2022, filed on July&nbsp;29,
                                            2022;</A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">Current
                                            Reports on Form&nbsp;8-K filed with the SEC on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/66004/000117494722000047/form8k-27204_msx.htm" STYLE="-sec-extract: exhibit">January&nbsp;14,
                                            2022</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/66004/000117494722000078/form8k-27252_msx.htm" STYLE="-sec-extract: exhibit">January&nbsp;27,
                                            2022</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/66004/000117494722000541/form8k-27916_msx.htm" STYLE="-sec-extract: exhibit">April&nbsp;22,
                                            2022</A> and <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/66004/000110465922064463/tm2216803d1_8k.htm" STYLE="-sec-extract: exhibit">May&nbsp;25,
                                            2022</A> (in each case, except for information contained therein which is furnished rather
                                            than filed); and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">The
                                            material under the caption &ldquo;Description of Capital Stock&rdquo; in the Company&rsquo;s
                                            Registration Statement on Form&nbsp;8-A under Section&nbsp;12(g)&nbsp;of the Exchange Act,
                                            which incorporates by reference the information under &ldquo;Common Stock&rdquo; in the prospectus
                                            constituting a part of the Company&rsquo;s Registration Statement on Form&nbsp;S-1 (File
                                            No.&nbsp;2-55058) and any subsequent amendments and reports filed for the purposes of updating
                                            such descriptions.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon request, we will provide,
without charge, to each person, including any beneficial owner, to whom a copy of this prospectus is delivered a copy of the documents
incorporated by reference into this prospectus. You may request a copy of these filings, and any exhibits we have specifically incorporated
by reference as an exhibit in this prospectus, at no cost by writing or telephoning us at the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Middlesex Water Company 485C Route 1 South, Suite&nbsp;400,&nbsp;Iselin,
New Jersey 08830 (732) 634-1500.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">You may also access these
documents, free of charge on the SEC&rsquo;s website at www.sec.gov or on our website at <FONT STYLE="color: Black"><U>www.middlesexwater.com</U></FONT>.
<B>Except as expressly stated herein, no information contained in, or that can be accessed through, our website is incorporated by reference
into this prospectus, and no such information should be considered a part of this prospectus.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus, any accompanying
prospectus supplement or information incorporated by reference herein or therein contains summaries of certain agreements that we have
filed as exhibits to various SEC filings, as well as certain agreements that we will enter into in connection with the offering of securities
covered by any particular accompanying prospectus supplement. The descriptions of these agreements contained in this prospectus, any
accompanying prospectus supplement or information incorporated by reference herein or therein do not purport to be complete and are subject
to, and qualified in their entirety by reference to, the definitive agreements. Copies of the definitive agreements will be made available
without charge to you by making a written or oral request to us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any statement contained herein
or in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes
of this prospectus to the extent that a statement contained herein, in any other subsequently filed document which also is or is deemed
to be incorporated by reference herein or in any accompanying prospectus supplement, modifies or supersedes such statement. Any such
statement so modified or superseded shall not be deemed, except as so modified and superseded, to constitute a part of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>211,201 Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><IMG SRC="tm2222254d2_424b2img01.jpg" ALT="" STYLE="height: 88px; width: 194px"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Middlesex Water Company</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Investment Plan</B></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>



<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>2
<FILENAME>tm2222254d2_ex-fillingfees.htm
<DESCRIPTION>EX-FILING FEES
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="text-align: right; margin: 0pt"><B>Exhibit 107</B></P>

<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Calculation of Filing Fee Tables</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Form S-3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Form Type)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Middlesex Water Company.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact Name of Registrant as Specified in its Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Table 1: Newly Registered and Carry Forward
Securities</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 7pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="text-align: center; font-size: 7pt; vertical-align: bottom">
    <TD STYLE="font-size: 7pt; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: center"><FONT STYLE="font-size: 7pt"><B STYLE="font-size: 7pt">Security<BR STYLE="font-size: 7pt">
Type</B></FONT></TD>
    <TD STYLE="font-size: 7pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: center"><FONT STYLE="font-size: 7pt"><B STYLE="font-size: 7pt">Security
    Class<BR STYLE="font-size: 7pt"> Title</B></FONT></TD>
    <TD STYLE="font-size: 7pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: center"><FONT STYLE="font-size: 7pt"><B STYLE="font-size: 7pt">Fee<BR STYLE="font-size: 7pt">
Calculation<BR STYLE="font-size: 7pt">
or Carry<BR STYLE="font-size: 7pt">
Forward<BR STYLE="font-size: 7pt">
Rule</B></FONT></TD>
    <TD STYLE="font-size: 7pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: center"><FONT STYLE="font-size: 7pt"><B>Amount<BR STYLE="font-size: 7pt">
    Registered<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="font-size: 7pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 7pt">
    <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 7pt"><B>Proposed<BR STYLE="font-size: 7pt">
Maximum<BR STYLE="font-size: 7pt">
Offering<BR STYLE="font-size: 7pt">
Price Per<BR>
Unit<SUP>(2)</SUP></B></FONT></P></TD>
    <TD STYLE="font-size: 7pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: center"><FONT STYLE="font-size: 7pt"><B>Maximum<BR STYLE="font-size: 7pt">
    Aggregate<BR STYLE="font-size: 7pt">
    Offering<BR STYLE="font-size: 7pt">
    Price<SUP>(2)</SUP></B></FONT></TD>
    <TD STYLE="font-size: 7pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: center"><FONT STYLE="font-size: 7pt"><B STYLE="font-size: 7pt">Fee Rate</B></FONT></TD>
    <TD STYLE="font-size: 7pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: center"><FONT STYLE="font-size: 7pt"><B STYLE="font-size: 7pt">Amount of<BR STYLE="font-size: 7pt">
Registration<BR STYLE="font-size: 7pt">
Fee</B></FONT></TD>
    <TD STYLE="font-size: 7pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: center"><FONT STYLE="font-size: 7pt"><B STYLE="font-size: 7pt">Carry<BR STYLE="font-size: 7pt">
Forward<BR STYLE="font-size: 7pt">
Form<BR STYLE="font-size: 7pt">
Type</B></FONT></TD>
    <TD STYLE="font-size: 7pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: center"><FONT STYLE="font-size: 7pt"><B STYLE="font-size: 7pt">Carry<BR STYLE="font-size: 7pt">
Forward<BR STYLE="font-size: 7pt">
File<BR STYLE="font-size: 7pt">
Number</B></FONT></TD>
    <TD STYLE="font-size: 7pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 7pt">
    <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 7pt"><B STYLE="font-size: 7pt">Carry<BR STYLE="font-size: 7pt">
Forward<BR STYLE="font-size: 7pt">
Initial<BR STYLE="font-size: 7pt">
Effective<BR STYLE="font-size: 7pt">
Date</B></FONT></P></TD>
    <TD STYLE="font-size: 7pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: center"><FONT STYLE="font-size: 7pt"><B STYLE="font-size: 7pt">Filing Fee<BR STYLE="font-size: 7pt">
Previously<BR STYLE="font-size: 7pt">
Paid in<BR STYLE="font-size: 7pt">
Connection<BR STYLE="font-size: 7pt">
with Unsold<BR STYLE="font-size: 7pt">
Securities<BR STYLE="font-size: 7pt">
to be<BR STYLE="font-size: 7pt">
Carried<BR STYLE="font-size: 7pt">
Forward</B></FONT></TD>
    <TD STYLE="font-size: 7pt; padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="text-align: left; font-size: 7pt; vertical-align: bottom; background-color: #CCEEFF">
    <TD COLSPAN="43" STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 7pt"><B STYLE="font-size: 7pt">Newly Registered Securities</B></FONT></TD></TR>
  <TR STYLE="text-align: left; font-size: 7pt; vertical-align: bottom; background-color: white">
    <TD STYLE="vertical-align: top; font-size: 7pt; width: 7%; text-align: center"><FONT STYLE="font-size: 7pt">Fees to be Paid</FONT></TD>
    <TD STYLE="font-size: 7pt; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 7pt; width: 5%; text-align: center"><FONT STYLE="font-size: 7pt">Equity</FONT></TD>
    <TD STYLE="font-size: 7pt; width: 1%">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; width: 7%; text-align: center">Common Stock, no par value per share</TD>
    <TD STYLE="font-size: 7pt; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 7pt; width: 6%; text-align: center">Rule 457(c)</TD>
    <TD STYLE="font-size: 7pt; width: 1%">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; width: 1%">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; width: 5%; text-align: right"><P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0">211,201 shares</P></TD>
    <TD STYLE="font-size: 7pt; width: 1%">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; width: 1%">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; width: 1%"><FONT STYLE="font-size: 7pt">$</FONT></TD>
    <TD STYLE="font-size: 7pt; width: 5%; text-align: right"><FONT STYLE="font-size: 7pt">91.38</FONT></TD>
    <TD STYLE="font-size: 7pt; width: 1%">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; width: 1%">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; width: 1%"><FONT STYLE="font-size: 7pt">$</FONT></TD>
    <TD STYLE="font-size: 7pt; width: 5%; text-align: right"><P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0">19,299,547.38</P></TD>
    <TD STYLE="font-size: 7pt; width: 1%">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; width: 1%">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; width: 1%">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; width: 5%; text-align: right"><FONT STYLE="font-size: 7pt">.0000927</FONT>0</TD>
    <TD STYLE="font-size: 7pt; width: 1%">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; width: 1%">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; width: 1%"><FONT STYLE="font-size: 7pt">$</FONT></TD>
    <TD STYLE="font-size: 7pt; width: 5%; text-align: right"><FONT STYLE="font-size: 7pt">1,789.07</FONT></TD>
    <TD STYLE="font-size: 7pt; width: 1%">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; width: 1%">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; width: 1%">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; width: 5%; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; width: 1%">&nbsp;</TD>
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    <TD STYLE="font-size: 7pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; width: 1%">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; width: 1%">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; width: 1%">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; width: 1%">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; width: 1%">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; width: 1%">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; width: 1%">&nbsp;</TD></TR>
  <TR STYLE="text-align: left; font-size: 7pt; vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 7pt">Fees Previously Paid</FONT></TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&mdash;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&mdash;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: right">&mdash;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
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    <TD STYLE="font-size: 7pt; text-align: right">&mdash;</TD>
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    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: right">&mdash;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;</TD>
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    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: right">&nbsp;&mdash;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD></TR>
  <TR STYLE="text-align: left; font-size: 7pt; vertical-align: bottom; background-color: white">
    <TD COLSPAN="43" STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 7pt"><B STYLE="font-size: 7pt">Carry Forward Securities</B></FONT></TD></TR>
  <TR STYLE="text-align: left; font-size: 7pt; vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 7pt">Carry Forward Securities</FONT></TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;&mdash;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;&mdash;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;&mdash;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
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    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD></TR>
  <TR STYLE="text-align: left; font-size: 7pt; vertical-align: bottom; background-color: white">
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD COLSPAN="8" STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 7pt"><B STYLE="font-size: 7pt">Total Offering Amounts</B></FONT></TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt"></FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
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    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD></TR>
  <TR STYLE="text-align: left; font-size: 7pt; vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD COLSPAN="8" STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 7pt"><B STYLE="font-size: 7pt">Total Fees Previously Paid</B></FONT></TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
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    <TD STYLE="font-size: 7pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
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    <TD STYLE="font-size: 7pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
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    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD></TR>
  <TR STYLE="text-align: left; font-size: 7pt; vertical-align: bottom; background-color: white">
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD COLSPAN="8" STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 7pt"><B STYLE="font-size: 7pt">Total Fee Offsets</B></FONT></TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD></TR>
  <TR STYLE="text-align: left; font-size: 7pt; vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD COLSPAN="8" STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 7pt"><B STYLE="font-size: 7pt">Net Fee Due</B></FONT></TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 7pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 7pt; vertical-align: top">
<TD STYLE="font-size: 7pt; width: 0.5in"><FONT STYLE="font-size: 7pt">(1)</FONT></TD><TD STYLE="font-size: 7pt; text-align: justify"><FONT STYLE="font-size: 7pt">In the
                                            event of a stock split, stock dividend, or similar transaction involving Middlesex Water
                                            Company&rsquo;s (the &ldquo;Registrant&rdquo;) Common Stock, the number of shares registered
                                            shall automatically be increased to cover the additional shares in accordance with Rule 416(a) under the
                                            Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;). The prospectus supplement
                                            filed hereby registers unsold shares of the Registrant&rsquo;s Common Stock issuable under
                                            the Registrant&rsquo;s existing Investment Plan. In accordance with Rules 456(b) and 457(r)
                                            under the Securities Act of 1933, as amended, the Registrant is deferring payment of all
                                            of the registration fee.</FONT></TD></TR>
<TR STYLE="font-size: 7pt; vertical-align: top">
<TD STYLE="font-size: 7pt; width: 0.5in"><FONT STYLE="font-size: 7pt">(2)</FONT></TD><TD STYLE="font-size: 7pt; text-align: justify"><FONT STYLE="font-size: 7pt">Estimated
                                            solely for the purpose of calculating the registration fee. Such estimate has been computed
                                            in accordance with Rule 457(c) under the Securities Act based on the average of the high
                                            and low prices of the Registrant&rsquo;s Common Stock as reported on the Nasdaq Global Select
                                            Market on August 1, 2022.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
